ITC Infotech Completes Acquisition Of Blazeclan Technologies For Rs 485 Crore
ITC's acquisition is expected to augment ITC Infotech’s capabilities to service its customers in a multi-cloud and hybrid cloud environment.
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ITC Ltd.’s IT services arm, ITC Infotech India Ltd., has completed the acquisition of Blazeclan Technologies Pvt. Ltd. for Rs 485 crore. The company has acquired 100% of the share capital of Blazeclan Technologies along with its subsidiaries, according to an exchange filing on Tuesday.
As a result, Blazeclan and its subsidiaries have become step-down wholly owned subsidiaries of ITC Infotech effective as of Oct. 1.
Blazeclan, a prominent player in cloud consulting and digital transformation, 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 eco-system to accelerate future growth.
Consequent to the aforesaid acquisition, Blazeclan and its subsidiaries—Cloudlytics Technologies Private Ltd. India, Blazeclan Technologies PTE Ltd. Singapore, Blazeclan Technologies SDN. BHD. Malaysia, Blazeclan Technologies Pty. Ltd. Australia, Blazeclan Europe SRL. Belgium, Blazeclan Technologies Ltd. New Zealand, Blazeclan Technologies Inc. Canada, Blazeclan Technologies LLC USA, Blazeclan Americas Inc. USA, and Blazeclan Technologies Corp. Philippines—have become step-down wholly owned subsidiaries of the company.
The acquisition is expected to strengthen ITC Infotech’s commitment to helping clients navigate their digital transformation journey and deliver business outcomes built on the foundation of strong cloud capabilities, the filing said.
Earlier in April, ITC's technology services provider, ITC Infotech, announced the signing of an agreement to acquire 100% shareholding of Blazeclan Technologies.
Shares of ITC closed 0.32% to Rs 516.20 apiece, compared to a 0.05% decline in benchmark NSE Nifty 50.
It has risen 16.16% in the last 12 months and 11.71% on a year-to-date basis. The total traded volume so far in the day stood at 5.09 times its 30-day average. The relative strength index was at 55.62.
Thirty-four out of the 39 analysts tracking the company have a 'buy' rating on the stock, three recommend a 'hold' and two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 4.4%.
