 "ITC Infotech to acquire Pune-based Blazeclan Technologies for Rs 485 crore")
ITC Infotech has entered into a share purchase agreement for the acquisition of 100 per cent of the share capital of Pune-headquartered Blazeclan Technologies Private Limited.
According to the regulatory filing by ITC, the total consideration for the acquisition by its wholly owned subsidiary, ITC Infotech India Limited, is up to Rs 485 crore, including contingent consideration which is subject to the achievement of prescribed targets.
This acquisition is expected to augment ITC Infotech’s capabilities to service its customers in a multi-cloud and hybrid cloud environment with a focus on the partner ecosystem to accelerate future growth.
The move is in sync with ITC Chairman Sanjiv Puri’s vision of growing ITC Infotech to a billion-dollar company in the next five years. In FY23, ITC Infotech had clocked revenue of Rs 3,321 crore and EBITDA of Rs 579 crore. The acquisition is expected to close in six to eight weeks, subject to customary closing conditions.
Blazeclan is a born-in-the-cloud consulting company providing cloud services on AWS, Azure, and GCP and provides cloud transformation solutions to customers globally with expertise in cloud migration, digital services, digital cloud consulting, and data analytics and insights.
ITC Infotech said that the move was aligned with the company’s strategy of pursuing value accretive investments focused on sharpening capability-led solutions while strengthening partnerships which form critical pillars of growth for ITC Infotech.
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With this agreement, ITC Infotech intends to further deepen its global presence through cloud competency centres in Australia, Singapore, Malaysia, and India.
Commenting, Sudip Singh, managing director and chief executive officer of ITC Infotech, said, “In an evolving ecosystem, enterprises today need to leverage their cloud investments to stay ahead of the curve and deliver higher value to their customers. With the proposed acquisition of Blazeclan, we believe that we will be strongly positioned to step up our clients’ digital transformation journey.”
He added, “This acquisition will not only strengthen our capabilities significantly but also enable us to make scalable progress in the cloud space, while providing access to key opportunities to unlock larger business value for our customers.”
Varoon Rajani, founder and chief executive officer of Blazeclan, said, “I am thrilled to announce the next chapter for Blazeclan as we join the ITC Infotech family.”
“With ITC Infotech’s rich technical expertise, we are poised to elevate our capabilities and better serve our customers. Blazeclan’s expertise in cloud and modernization combined with ITC Infotech’s strengths creates a winning formula,” he added.