Canarys Expands Horizons: Initiates Strategic Acquisition to Fortify North American Market Presence

Canarys Expands Horizons: Initiates Strategic Acquisition to Fortify North American Market Presence

With a rich history spanning over three decades, Canarys unveils its plan to acquire a prominent software services and consulting firm based in North America, marking a pivotal moment in its quest for international growth and innovation.

Rahul MUpdated: Monday, April 29, 2024, 09:54 PM IST
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Canarys Automations Limited | (NSE – Canarys)

Mumbai: Canarys Automations Limited (NSE – Canarys), a trailblazer in digital transformation solutions, announces a significant milestone in its journey towards global expansion. With a rich history spanning over three decades, Canarys unveils its plan to acquire a prominent software services and consulting firm based in North America, marking a pivotal moment in its quest for international growth and innovation.

Renowned for its expertise in Digitalization, Modernization, Cloudification, Automation, and Intelligence, Canarys has solidified its position as a trusted ally to clients worldwide. The proposed acquisition reflects Canarys' unwavering commitment to strengthening its foothold in the North American market and meeting the evolving needs of Fortune 100 companies and beyond.

The target company, with a distinguished legacy spanning more than two decades, has garnered acclaim across sectors such as Banking, Financial Services, Insurance (BFSI), and Pharmaceuticals. Through this strategic move, Canarys aims to leverage synergies, foster innovation, and deliver enhanced value to its esteemed clientele.

This strategic initiative signifies Canarys Automations Limited's inaugural venture into inorganic growth strategies, underscoring its dedication to achieving ambitious growth objectives and expanding its global presence. The completion of the transaction is contingent upon due diligence and the execution of definitive agreements.

To fund the acquisition, Canarys intends to utilize a blend of internal resources and debt financing. The company plans to issue up to 25,60,973 convertible warrants priced at Rs. 41/- each, offering warrant holders the option to convert them into 1 Equity Share at a premium of Rs. 39/- per share within 18 months, with the aim of raising 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 driving digital innovation and delivering exceptional value to its stakeholders. This strategic acquisition underscores the company's vision to emerge as a global leader in digital transformation, extending its reach across continents to serve clients with cutting-edge 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.

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