Canarys Automations Limited (NSE – Canarys), a seasoned leader with over three decades of industry experience in digital transformation, proudly announces a significant milestone in its growth trajectory. Canarys is set to embark on an inorganic growth strategy by entering into a non-binding agreement to acquire a controlling interest in a distinguished software services and consulting company based in North America.
Bringing over twenty years of industry
excellence to the table, the target company has carved a niche as a trusted
partner, serving esteemed clients across sectors including Banking, Financial
Services, Insurance (BFSI), and Pharmaceuticals. This strategic move
underscores Canarys' unwavering commitment to accelerating growth in the North
American market and expanding its portfolio of solutions to cater to Fortune
100 companies.
This proposed acquisition marks Canarys
Automations Limited's inaugural venture into acquisitions, highlighting its
resolve to achieve ambitious growth targets. By amalgamating the strengths and
expertise of both entities, Canarys aims to foster synergies that will fuel
innovation, elevate solution and service delivery standards, and offer enhanced
value to customers. The completion of the transaction is contingent upon due
diligence and the execution of definitive agreements. Canarys Automations
Limited eagerly anticipates leveraging this acquisition to fortify its market
presence, capitalize on new opportunities, and embark on an exciting journey of
growth and success.
To facilitate this strategic acquisition,
Canarys intends to utilize a blend of internal accruals and debt. The company
plans to issue up to 25,60,973 convertible warrants priced at Rs. 41/- each,
with warrant holders having the option to convert them into 1 Equity Share at a
premium of Rs. 39/- per share within 18 months, aiming to raise funds of up to
Rs. 10.49 Cr/-. An Extraordinary General Meeting is scheduled for May 13, 2024,
to secure shareholder approval for the proposed preferential issue.
Canarys reaffirms its unwavering commitment
to delivering value to its shareholders and stakeholders. This strategic move
underscores the company's dedication to seizing growth opportunities in the
dynamic global market landscape.
About Canarys Automations Limited:
Canarys Automations Limited, headquartered
in Bengaluru, India, boasts over 30 years of experience as a leading IT
solutions provider. With a team of over 350 technology professionals, the
company specializes in facilitating digital transformation for businesses
through its software solutions in Digitalization, Modernization,
Cloudification, Automation, and Intelligence. Their services cater to various
industry sectors, including BFSI, Retail, Healthcare, Pharmaceutical,
Manufacturing, and Insurance, with a primary focus on enhancing operations, improving
customer experiences, and staying competitive.
Recognized for excellence, Canarys
Automations has received awards such as "Leader in DevOps Solutions,"
"Best DevOps Solution Provider," and "Most Innovative DevOps
Company." They are a trusted partner for businesses of all sizes,
dedicated to helping clients achieve their digital transformation objectives.
With its industry expertise and diverse range of solutions, Canarys Automations
is well-equipped to support businesses in their digital transformation journey.
For more information, visit:
Website: https://ecanarys.com/