Canarys Automations Limited Expands North American Presence with Strategic Acquisition
Completes 51% Stake Purchase in US-Based AI & Data Solutions Firm Fortira Inc.
BENGALURU, India, April 22, 2025 /PRNewswire/ -- Canarys Automations Limited (NSE: CANARYS), a leading provider of digital transformation and technology solutions, has announced the successful acquisition of a 51% stake in Fortira Inc., a New Jersey-based enterprise specializing in Artificial Intelligence (AI), Machine Learning (ML), and data-driven technologies. The acquisition, completed on April 15, 2025, marks a significant milestone in Canarys strategic expansion into the North American market.
Fortira Inc., founded by industry veterans Ananth Iyengar, Nanda Kanuri, Michael Zalepa, and Ramakrishna Kambhampati, has over 15 years of experience delivering cutting-edge solutions to enterprise clients across the BFSI, healthcare, and pharmaceutical sectors.
Speaking on the acquisition, Mr. Sheshadri Srinivas, Executive Director and CEO of Canarys Automations Limited says, "This acquisition marks a significant strategic milestone in our journey to scale our capabilities in AI, ML, and the data domain. Fortira's proven strengths and customer relationships in the U.S. align seamlessly with our digital transformation portfolio. Fortira's strong relationships in the BFSI, Healthcare, and Pharma sectors will further enable Canarys to drive seamless market penetration with its solutions-driven approach. This partnership not only accelerates our growth strategy but also strengthens our expansion plans in the North American market. We are confident that it will create substantial long-term value for both organizations and all our stakeholders."
The deal was valued at an enterprise valuation of USD 5 million and was fully funded through a mix of IPO proceeds, promoter subscription to warrants, and internal accruals demonstrating Canarys financial prudence and commitment to a debt-free capital structure. The company plans to acquire the remaining 49% stake over the next three years.
The acquisition is fully aligned with Canarys' vision to be a leading global technology solutions provider and strengthens its commitment to delivering innovative and value-driven digital services to clients worldwide.
For more details, please visit - www.ecanarys.com
Media Contact:
Ambikeshwari M A
Company Secretary & Compliance Officer
Canarys Automations Limited
Email: [email protected]
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