The acquisition is being done at a total cost of ₹805 crore, says TechnoPro
Shareholders of Robosoft Technologies, a provider of digital transformation solutions for enterprises based out of Udupi, on Tuesday announced the signing of a definitive agreement with TechnoPro Holdings Inc. for the sale of 100% stake in the company.
A release from Robosoft said that the company will continue to be led by its current management team, headed by Chief Executive Officer Ravi Teja Bommireddipalli, who is also being elevated as Managing Director and CEO. Robosoft is a full-service digital transformation company, with its mission to simplify lives.
The company offers end-to-end solutions in product advisory, design, engineering and analytics. With over two decades of experience in digital platform development, the company is uniquely placed to have witnessed dramatic shifts in the digital world. Robosoft has been instrumental in bringing alive technologies which have changed the way consumers engaged online.
TechnoPro Holdings in its website disclosure said that the total cost of acquisition was ₹805 crore. It said that the purchase price was agreed upon due diligence performed by outside experts and assessed comprehensively according to the EBITDA (earnings before interest, taxes, depreciation, and amortisation) multiple method, net cash balance and so forth. The shares will be transferred in two phases with the first tranche (80%) price determined by EBITDA as on March 2021 and the second tranche to be decided on EBITDA in March 2022.
“Robosoft has had a phenomenal journey over the last two decades and has grown by leaps and bounds during this period. The partnership with Ascent Capital and Kalaari Capital heralded a strong growth era for us and I am very happy that we are handing over the reins of the ompany to a global player like TechnoPro,” the release quoted Rohith Bhat, who founded the Company on October 13, 2000, as saying.
It also quoted Takeshi Yagi, president, Representative Director and CEO, TechnoPro, as saying, “TechnoPro is delighted to invest in Robosoft, an innovative leader in the digital transformation space. We are excited by Robosoft’s rapid growth, strong leadership team, expertise in emerging technologies and deeply integrated customer relationships.”
“This transaction represents a strategic evolution for Robosoft and a unique opportunity to take our business to new heights at a time of accelerating digital adoption,” Mr. Bommireddipalli was quoted as saying.
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