Subsequent events

12 Months Ended

Dec. 31, 2012

21.

Subsequent events

Venezuela currency status – recent developments

On February 8, 2013, the Government of Venezuela, through the Foreign Exchange Agreement No. 14, has devaluated as from February 9, 2013, the official exchange rate from 4.3 to 6.3 Bolivares Fuertes per U.S. dollars. The devaluation did not have an effect on the 2012 consolidated financial statements; however, the devaluation will require remeasurement of the Company’s Venezuelan subsidiaries’ non-U.S. dollar denominated monetary assets and liabilities as from February 9, 2013.

In addition, on February 8, 2013, the Government of Venezuela, through Decree No. 9381 (the “Decree”) has created the Organo Superior para la Optimización del Sistema Cambiario (or the “Committee”), a committee that will have the authority to design, plan and execute foreign exchange policies. At the date of this consolidated financial statements, the Committee created by the Decree, is under the process of being designated.

Finally, on February 9, 2013, the Central Bank of Venezuela has eliminated the SITME, which was a former system that the Company’s Venezuelan subsidiaries had for accessing to the foreign exchange market described in Note 2 “Summary of significant accounting policies—Venezuelan currency status”. Had the devaluation occurred on December 31, 2012, and had been 6.3 Bolivares Fuertes per U.S. dollars the exchange rate at which the Company could have had access to the foreign exchange market, the Company would have recorded a translation loss of approximately $ 5.7 million on its year-end consolidated financial statements, considering the non-U.S. dollar denominated monetary assets and liabilities of the Company’s Venezuelan subsidiaries as of that date.

Acceptance of an offer to purchase– software development company

On February 13, 2013, a Company’s subsidiary received an offer to acquire 100% of the outstanding shares of a software development company located in the province of Cordoba, Argentina. The purchase price for the acquisition of this software development company is approximately $3.3 million (based on the exchange rate in effect as of December 31, 2012). The offer permits the Company’s subsidiary to terminate the acquisition, provided the Company’s subsidiary pays to the sellers a termination fee of approximately $0.3 million (based on the exchange rate in effect as of December 31, 2012). The closing of the transaction is subject to the satisfaction of certain conditions and the execution of certain transaction documents. The transaction is expected to close on April 1, 2013. At the date of issuance of these financial statements the offer has been accepted.

- Definition

Tabular disclosure of significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business.

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