Canarys Automations Limited (NSE – Canarys), a pioneer in digital transformation solutions, announces its strategic move towards expanding its global footprint. With over 30 years of industry experience, Canarys unveils its proposal to acquire a distinguished software services and consulting firm based in North America, marking a significant leap towards international growth and innovation.
Known for its expertise in Digitalization, Modernization, Cloudification, Automation, and Intelligence, Canarys has cemented its position as a trusted partner to clients worldwide. The proposed acquisition signals Canarys' commitment to bolstering its presence in the North American market and catering to the evolving needs of Fortune 100 companies and beyond.
The target company, boasting a stellar track record spanning over two decades, has carved a niche for itself in sectors such as Banking, Financial Services, Insurance (BFSI), and Pharmaceuticals. Through this strategic move, Canarys aims to harness synergies, foster innovation, and deliver enhanced value to its global clientele.
This strategic endeavor marks Canarys Automations Limited's inaugural foray into inorganic growth strategies, highlighting its dedication to achieving ambitious growth targets and expanding its market reach. The completion of the transaction is subject to due diligence and the execution of definitive agreements.
To finance the acquisition, Canarys plans to leverage a combination of internal resources and debt. The company intends to issue up to 25,60,973 convertible warrants priced at Rs. 41/- each, offering warrant holders the option to convert them into 1 Equity Share at a premium of Rs. 39/- per share within 18 months, with the aim of raising funds of up to Rs. 10.49 Cr/-. An Extraordinary General Meeting is scheduled for May 13, 2024, to seek shareholder approval for the proposed preferential issue.
Canarys remains steadfast in its commitment to driving digital innovation and delivering value to its stakeholders. This strategic acquisition underscores the company's vision to emerge as a global leader in digital transformation, extending its reach across continents to serve clients with cutting-edge solutions.
About Canarys Automations Limited:
Canarys Automations Limited, headquartered in Bengaluru, India, is a renowned provider of IT solutions with a legacy of over three decades. With a team of over 350 technology professionals, the company specializes in facilitating digital transformation for businesses across industries.
For more information, please visit: https://ecanarys.com/
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