ITC Infotech, a wholly-owned subsidiary of ITC, has entered into a share purchase agreement to buy 100 percent stake of Blazeclan Technologies for Rs 485 crore, according to an exchange filing issued on April 18.
“We write to advise, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), that ITC Infotech India Limited, a wholly owned subsidiary, has advised us that they have entered into a share purchase agreement today at 1.45 p.m. for acquisition of 100% of the share capital of Blazeclan Technologies Private Limited,” the statement said.
The deal is likely to be closed in the next 6-8 weeks, subject to the completion of the customary closing conditions, the filing said.
The acquisition of the Pune-based IT firm will supplement ITC Infotech’s capabilities to service its customers in a multi-cloud and hybrid cloud environment with focus on the partner eco-system to accelerate future growth, according to the filing.
“The acquisition is expected to strengthen ITC Infotech’scommitment to helping clients navigate their digital transformation journey and deliver business outcomes built on the foundation of strong Cloud capabilities,” it said.
According to the statement, Blazeclan provides solutions in cloud migration, digital services, digital cloud consulting and data analytics & insights. It is also “an AWS Premier Partner, Snowflake Elite Partner and a leader in providing cloud transformation solutions to customers globally”.
ITC shares ended 1.64 percent lower at Rs 418.95 on the BSE.
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