ITC Arm To Obtain Blazeclan Technologies For Rs 485 Crore
ITC Infotech India, a wholly owned subsidiary, has advised us that they have entered into a share purchase agreement on Thursday for the acquisition of 100% of the share capital of Blazeclan Technologies Pvt Ltd, ITC Ltd said in a regulatory filing.
Diversified entity ITC Ltd on Thursday said its arm ITC Infotech India will acquire Blazeclan Technologies for a total consideration of up to Rs 485 crore.
ITC Infotech India, a wholly owned subsidiary, has advised us that they have entered into a share purchase agreement on Thursday for the acquisition of 100% of the share capital of Blazeclan Technologies Pvt Ltd, ITC Ltd said in a regulatory filing.
Total consideration for the acquisition is up to Rs 485 crore, including contingent consideration which is subject to achievement of prescribed targets, it added.
Blazeclan is a 'born-in-the-cloud consulting company' providing cloud services on AWS, Azure and GCP, it added.
This acquisition is expected to augment ITC Infotech's capabilities to service its customers in a multi-cloud and hybrid cloud environment with a focus on the partner ecosystem to accelerate future growth, the filing said.
The proposed acquisition will be completed in 6-8 weeks, subject to completion of the customary closing conditions, the company said.
In a statement, ITC Infotech Managing Director and CEO Sudip Singh said, "With the proposed acquisition of Blazeclan, we believe that we will be strongly positioned to step up our clients' digital transformation journey. This acquisition will not only strengthen our capabilities significantly but also enable us to make scalable progress in the cloud space, while providing access to key opportunities to unlock larger business value for our customers." ITC Infotech said it proposes to leverage the platforms and accelerators built by Blazeclan and the strong certified architect pool to strengthen its cloud offerings.
"This move is aligned with the company's strategy of pursuing value accretive investments focused on sharpening capability-led solutions while strengthening partnerships which form critical pillars of growth for ITC Infotech," it added.
With this agreement, ITC Infotech intends to further deepen its global presence through Cloud Competency Centres in Australia, Singapore, Malaysia, and India, the company said.
"With ITC Infotech's rich technical expertise, we are poised to elevate our capabilities and better serve our customers," Blazeclan Founder and CEO Varoon Rajani said.
Blazeclan's expertise in cloud and modernisation combined with ITC Infotech's strengths creates a winning formula. This partnership promises excitement and growth for both organisations, partners, customers and dedicated employees, Rajani added.