Canarys Automations Makes Waves—51% Fortira Stake Sets Stage for North American Takeover

Canarys Automations Limited has made a revolutionary move to strengthen its international presence through the acquisition of a 51 per cent stake in US-based Fortira Inc for $5 million. This is Canarys' first major overseas acquisition and will greatly enhance its position in the North American tech market.

 

Highlights:

 

Strategic Acquisition: Fortira Inc. is an experienced company in the US IT consulting market with expertise in AI, machine learning, and data-driven solutions for industries such as BFSI, healthcare, and pharma. The acquisition provides Canarys with direct connections to Fortune 100 clients and enhances its digital transformation capabilities.

 

Growth Aspirations: The transaction is in line with Canarys' overall growth strategy to expand globally and broaden its service offerings. With the help of Fortira's experience and existing customer base, Canarys will provide greater value and innovative solutions to a larger customer base.

 

Structure of the Deal: The transaction is financed with a mix of IPO proceeds, promoter warrants, and internal accruals. Canarys will also raise further capital through convertible warrants, pending shareholder approval.

 

Market Reaction: The news of the acquisition propelled Canarys' shares 5% higher, a sign of investor optimism about the company's expansion plans worldwide.

 

This acquisition is a landmark event for Canarys Automations, making it an emerging player in the North American IT and digital transformation market.

 

Sources: DSIJ, Moneycontrol, Economic Times