Magellanic Cloud announces acquisition of IVIS, Provigil

IT services provider, Magellanic Cloud announced it has acquired 100 percent of the shares of IVIS International Private Limited and 100 percent of the shares of Provigil Surveillance Limited, subject to completion of closing conditions as specified in a Share Purchase Agreement (SPA) between the companies, by way of cash consideration valued approximately at Rs .290,27,93,405 and Rs 35,97,00,000 respectively, subject to closing adjustments based on Share Purchase Agreement.

Magellenic Cloud is acquiring these two companies to expand the range of services it provides. This acquisition will add electronic surveillance to Magellanic Cloud’s portfolio and will help expand its security solutions offering to enterprises, it said in a press statement.

IVIS and Provigil, are AI/ML and IOT technology enabled e-surveillance companies started by a group of entrepreneurs with experience in the Network and Surveillance domain in the US/UK/Canada. Their mission is to provide state-of-the-art technology that provides e-surveillance systems to prevent theft, vandalism, compliance checks and real-time deviation detection, as well as business and operational insights that such data can readily provide. Magellenic Cloud plans to modify the software so that it will work for many other business use cases.

Speaking about the acquisition, Joseph Sudheer Reddy Thumma, CEO of Magellanic Cloud said “The addition of IVIS and Provigil is another feather in our cap as digital security solutions are an essential part of digital transformation.”

Murali Mohan Rachapoodi, CEO-IVIS and Provigil said, “This partnership has come at a time when enterprises are focused on all-around digital transformation. IVIS specializes in providing cutting edge surveillance solutions using AI and IOT technologies.”

Published on: Thursday, May 05, 2022, 03:14 PM IST