Canarys Propels Growth Strategy with Acquisition Proposal Expanding Footprint in North American Market
Apr 30, 2024
VMPL
New Delhi [India], April 30: Canarys Automations Limited (NSE - Canarys), 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 (BFSI), 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. 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.
Canarys reaffirms its unwavering commitment to delivering value to its shareholders and stakeholders. This strategic move underscores the company's dedication to seizing growth opportunities in the dynamic global market landscape.
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 its industry expertise and diverse range of solutions, Canarys Automations is well-equipped to support businesses in their digital transformation journey.
For more information, visit:
Website: https://ecanarys.com/
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