Diversified company ITC Ltd on Thursday announced that its unit ITC Infotech India will acquire Blazeclan Technologies for a total consideration of up to Rs 485 crore.
ITC Infotech India, a wholly owned subsidiary, informed the company on Thursday that it has entered into a share purchase agreement to acquire 100 per cent of the share capital of Blazeclan Technologies Pvt Ltd, ITC Ltd said in a regulatory filing. .
The total consideration for the acquisition will be up to Rs 485 million, including contingent consideration subject to achievement of specified targets, it added.
It added that Blazeclan is a „born-in-the-cloud consulting company“ offering cloud services on AWS, Azure, and GCP.
The acquisition is expected to strengthen ITC Infotech's ability to serve customers in multi-cloud and hybrid cloud environments, with a focus on partner ecosystem to accelerate future growth, the filing said. It is written in the book.
The proposed acquisition is expected to close within six to eight weeks, subject to customary closing conditions, the company said.
„We believe that the proposed acquisition of Blazeclan puts us in a strong position to strengthen our customers' digital transformation efforts,“ Sudip Singh, managing director and CEO of ITC Infotech, said in a statement. This acquisition not only significantly strengthens our capabilities, but also allows us to make scalable advances in the cloud space and provides access to significant opportunities to unlock greater business value for our customers. ” ITC Infotech said it proposes to leverage the platform and accelerators built by Blazeclan and its strong pool of certified architects to power its cloud services.
“This move is in line with the company's strategy to pursue value-accretive investments focused on sharpening its feature-driven solutions while strengthening partnerships that form a key pillar of ITC Infotech's growth. ” he added.
With this agreement, ITC Infotech intends to further deepen its global presence through cloud competency centers in Australia, Singapore, Malaysia and India, the company said.
Varoon Rajani, Founder and CEO of Blazeclan, said, „With ITC Infotech's rich technical expertise, we are poised to enhance our capabilities and better serve our customers.“
Combining Blazeclan's cloud and modernization expertise with the strengths of ITC Infotech creates a winning formula. This partnership promises excitement and growth for both the organization, its partners, customers and dedicated employees, Rajani added.