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The board at Brazil's largest software group, Totvs, has decided to fully incorporate eight IT companies whose shares the group owns, news service Agência Estado reported.
The firms - Look Informática, RO Resultados em Outsourcing, Inteligência Organizacional Serviços, Sistemas e Tecnologia em Software, SRC Serviços em Informática, DTSL Sistema e Serviços de Informática, BCSFlex Comércio e Serviços de Informática, BCS Sistemas Computacionais, and HBA Informática - are to merge into Totvs, ceasing to exist as independent entities.
The incorporations will be completed without issuing new shares, as the total shares or quotas representing the capital of these companies are already under Totvs' control, according to Agência Estado.
Totvs' board also decided that an extraordinary meeting to discuss these incorporations will take place September 21.
The company was recently touted as IT company of the year by economic daily Valor Econômico.