Canarys Automations Limited , 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 , 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.
Ambuja Cements shares surge 4% after promoter sells 3% stake via block deal ERP testing startup Opkey raises $47 million in Series B round from PeakSpan Capital, existing investors India’s banking access rises but MSMEs remain underserved: How Account Aggregator can change that Bharti Global to acquire 24.5% stake in UK’s BT Group
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.
With its industry expertise and diverse range of solutions, Canarys Automations is well-equipped to support businesses in their digital transformation journey.
With inputs from PTI