A share purchase agreement has been signed by ITC Infotech to acquire all of the shares of Blazeclan Technologies Private Limited, which is based in Pune.
ITC’s regulatory filing states that the acquisition by its wholly owned subsidiary, ITC Infotech India Limited, is subject to a total payment of up to Rs 485 crore, including contingent consideration that is depending upon the attainment of specific milestones.
It is anticipated that this acquisition will strengthen ITC Infotech’s capacity to support its clients in a multi-cloud and hybrid cloud setting, emphasizing the partner ecosystem to spur further expansion.
The action aligns with ITC Chairman Sanjiv Puri’s goal of making ITC Infotech a billion-dollar business within the following five years. ITC Infotech reported Rs 3,321 crore in revenue and Rs 579 crore in EBITDA for the FY23. In six to eight weeks, the transaction should close, subject to standard closing requirements.
Expertise in cloud migration, digital services, cloud consulting, and data analytics and insights, Blazeclan is a born-in-the-cloud consulting firm offering cloud services on AWS, Azure, and GCP as well as cloud transformation solutions to clients worldwide.
ITC Infotech stated that the action was in line with its strategy of pursuing value-accretive investments that enhance capability-led solutions and build partnerships, both of which are essential growth pillars for the company.
ITC Infotech hopes to further expand its global reach with this arrangement by establishing cloud competency centers in Australia, Singapore, Malaysia, and India.
The managing director and CEO of ITC Infotech, Sudip Singh, made the following statement in response: “In an environment that is always changing, businesses must make the most of their cloud investments in order to stay ahead of the curve and provide greater value to their clients. We think that we will be in a strong position to accelerate our clients’ digital transformation journeys with the planned acquisition of Blazeclan.”
“This acquisition will not only significantly strengthen our capabilities, but it will also allow us to make scalable progress in the cloud space and give us access to important opportunities that will unlock larger business value for our customers,” he continued.
“I am thrilled to announce the next chapter for Blazeclan as we join the ITC Infotech family,” stated Varoon Rajani, the company’s founder and CEO.
“We are well-positioned to enhance our skills and provide superior customer service thanks to ITC Infotech’s extensive technological experience. He continued, “Bladeclan’s modernization and cloud expertise paired with ITC Infotech’s strengths create a winning formula.”
