Shares of R Systems International rose over two percent on June 7 after the digital product engineering company announced that it has signed definitive agreements to acquire Velotio. At 10:23 am, shares of the company were trading 1.3 percent higher at Rs 340 on the BSE. The company’s scrip has shot up 18 percent in a week while in the past one year it has surged close to 50 percent. In the past three years, the stock zoomed 245 percent.
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With this acquisition, Kalpak Shah, Co-Founder and CEO of Velotio and Chirag Jog, Co-Founder and CTO of Velotio, along with the rest of the team will partner with R Systems to help scale Velotio’s business, develop its engineering capabilities and accelerate its growth, the company said in a regulatory filing.
The financials
Velotio combines complex engineering, data expertise, cloud-native, and design capabilities to build innovative products for global customers, including NASDAQ-listed enterprises, and high-growth companies.
During the quarter ended March 2023, net sales rose 18 percent YoY to Rs 404.07 crore while quarterly net profit was up 21 percent at Rs 35.84 crore.
EBITDA surged 27 percent YoY to Rs 59.51 crore in March 2023. Meanwhile, Earnings Per Share of R Systems has increased to Rs 3.03 in March 2023 from Rs 2.51 in March 2022.
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