Canarys ventures across borders, unveils acquisition strategy for North American market
Canarys Automations Limited (NSE: Canarys), a pioneer in digital transformation solutions, announces a groundbreaking step towards international expansion. With a rich history spanning over three decades, Canarys unveils its plan to acquire a renowned software services and consulting firm based in North America. This strategic maneuver underscores Canarys' unwavering commitment to innovation and its determination to extend its global footprint.
With a diverse portfolio encompassing digitalisation, modernisation, cloudification, automation, and intelligence, Canarys has emerged as a trusted partner to clients worldwide. The proposed acquisition presents an opportunity for Canarys to strengthen its presence in the North American market and cater to the evolving needs of Fortune 100 companies and beyond.
The target company, boasting over twenty years of industry experience, has earned accolades for its excellence in serving clients across sectors such as banking, financial services, insurance (BFSI), and pharmaceuticals. Through this acquisition, Canarys aims to leverage synergies to enhance service offerings, foster innovation, and deliver unparalleled value to its global clientele.
This strategic move marks Canarys Automations Limited's inaugural foray into inorganic growth strategies, signaling its commitment to achieving ambitious growth targets and expanding its market presence. The completion of the transaction is subject to due diligence and the execution of definitive agreements.
To finance the acquisition, Canarys plans to utilise 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 one equity share at a premium of Rs 39 per share within 18 months, aiming to raise funds of up to Rs 10.49 crore. 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 transformation and delivering value to its stakeholders. This strategic acquisition underscores the company's vision to emerge as a global leader in digital innovation, extending its reach across continents to serve clients with unmatched 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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