Glodyne Technoserve, a leading technology infrastructure company, has acquired Broadllyne Technologies, a managed application service provider in the education sector for an unspecified amount.
Glodyne Technoserve is a city-based Rs 500-crore comapny.
Glodyne Technoserve Chairman and MD Annand Sarnaaik told PTI this is the third acquisition for his firm after it bought two US-based companies earlier.
Besides, the company, which is looking for inorganic growth is currently evaluating some more proposals for acquisitions, he said.
The acquisition of unlisted Broadllyne would be through a combination of buying its 7.50 lakh shares in addition to purchasing compulsory convertible debentures of the company worth Rs 24 crore after 18 months and ESOPS, Sarnaaik said.
Broadllyne, also based in Mumbai, has orders worth Rs 159 crore on hand, which will be executed over the next 2 years across over 1600 schools/colleges. The company has a high operating margin of 27 per cent.
Sarnaaik said the acquisition is through merger and the company would approach the Bombay High Court for approval.
In a statement, the company said the acquisition broadens Glodyne's portfolio of managed technology services and will add new clients in the education sector.
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