Tech Deal: Sahana Systems acquires stakes in Machint Solutions

Sahana Systems announced on bourses that its board has approved the acquisition of 2,18,750 equity shares of a face value of Rs 10 each of Machint Solutions Private Limited, which is engaged in the IT sector and has an asset size of Rs 35.57 crore (FY22-23) with reported turnover of Rs 48.48 crore (FY22-23).

The company further stated that the acquisition will be completed on or before March 31, 2024. The cost of acquisition is reported to be Rs 16.80 crore for the purchase of 2,18,750 equity shares. The nature of consideration is 100 percent cash for investment in fresh equity resulting in 10.50 percent of the fully diluted shareholding of Machint Solutions Private Limited. Machint was incorporated on September 26, 2018. The last three years' turnover of the company stood at Rs 14.12 crore for FY 2020-21, Rs 19.55 crore for FY 2021-22 and Rs 48.48 crore for FY 2022-23.

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The shares of Sahana Systems have been in an uptrend ever since it got listed on the NSE Emerge platform in 2023. Sahana Systems shares are up by 46 percent on a year-to-date basis. Sahana System shares made a 52 week high of Rs 1,131 on January 23 and is up by 507 percent since it got listed in June 2023. The market cap of the company stood at Rs 790 crore. Incorporated in 2020, Sahana System is engaged in the business of offering IT-related services including web app development, mobile application development, AI & ML development, ChatBot development, and product prototyping.