Pioneering the path of digital transformation, Canarys Automations Limited (NSE – Canarys) announces a significant stride in its global expansion strategy through discussions to acquire a controlling stake in a distinguished software services and consulting firm based in North America. This strategic maneuver underscores Canarys' dedication to extending its international footprint and enhancing its service offerings to meet the diverse needs of clients worldwide.
With a rich legacy spanning over three decades, Canarys has been a driving force behind digital innovation across industries. Specializing in Digitalization, Modernization, Cloudification, Automation, and Intelligence, the company has garnered praise for its cutting-edge solutions delivered to clients across the globe. The proposed acquisition aims to reinforce Canarys' presence in the dynamic North American market, enabling it to better cater to Fortune 100 companies and beyond.
The target company, backed by over two decades of industry experience, has cemented its position as a trusted advisor to clients in sectors such as Banking, Financial Services, Insurance (BFSI), and Pharmaceuticals. By embarking on this strategic acquisition, Canarys underscores its commitment to seizing growth opportunities globally while diversifying its portfolio to address evolving client demands.
This landmark acquisition marks a significant milestone in Canarys Automations Limited's journey, signaling its entry into the realm of inorganic growth. Leveraging synergies between the two entities, Canarys aims to drive innovation, elevate service standards, and deliver enhanced value to its expanding customer base. The transaction is subject to the completion of due diligence and execution of definitive agreements.
To fund this transformative acquisition, Canarys plans to utilize a combination of internal resources and debt. The company intends 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 seek shareholder approval for the proposed preferential issue.
Canarys remains steadfast in its commitment to delivering value to its stakeholders, shareholders, and customers alike. This strategic endeavor reflects the company's vision to emerge as a global leader in digital transformation, driving innovation and excellence across borders.
About Canarys Automations Limited:
Canarys Automations Limited, headquartered in Bengaluru, India, boasts over 30 years of experience as a leading IT solutions provider. With a team of over 350 technology professionals, the company specializes in facilitating digital transformation for businesses through its software solutions in Digitalization, Modernization, Cloudification, Automation, and Intelligence. Their services cater to various industry sectors, including BFSI, Retail, Healthcare, Pharmaceutical, Manufacturing, and Insurance, with a primary focus on enhancing operations, improving customer experiences, and staying competitive.
Recognized for excellence, Canarys Automations has received awards such as "Leader in DevOps Solutions," "Best DevOps Solution Provider," and "Most Innovative DevOps Company." They are a trusted partner for businesses of all sizes, dedicated to helping clients achieve their digital transformation objectives. With their industry expertise and diverse range of solutions, Canarys Automations is well-equipped to support businesses in their digital transformation journey.
For more information, please visit: https://ecanarys.com/
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