Canarys Automations Limited (NSE – Canarys), a stalwart in the realm of digital transformation, embarks on an ambitious journey to broaden its horizons across continents. The company announces its strategic intent to acquire a controlling interest in a distinguished software services and consulting enterprise based in North America, marking a significant milestone in its global expansion strategy.
With a rich legacy spanning over three decades, Canarys has been at the forefront of driving digital innovation. Leveraging its expertise in Digitalization, Modernization, Cloudification, Automation, and Intelligence, the company has become synonymous with delivering cutting-edge solutions to clients worldwide. The proposed acquisition is poised to fortify Canarys’ foothold in the lucrative North American market, amplifying its ability to cater to the evolving needs of Fortune 100 corporations.
The target company, boasting over two decades of industry prowess, has carved a niche for itself as a trusted advisor to clients across sectors such as Banking, Financial Services, Insurance (BFSI), and Pharmaceuticals. Canarys’ strategic move underscores its unwavering commitment to pursuing growth opportunities on a global scale and diversifying its solutions portfolio to meet the demands of discerning clientele.
This landmark acquisition heralds a new chapter in Canarys Automations Limited’s journey, as it ventures into the realm of inorganic growth for the first time. By harnessing the synergies between the two entities, Canarys aims to drive innovation, elevate service delivery standards, and deliver unparalleled value to its expanding customer base. The transaction is contingent upon the successful completion of due diligence and the execution of definitive agreements.
To finance 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 maneuver exemplifies the company’s vision to establish itself 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.
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