Saksoft Acquires Majority Stake in DreamOrbit to Strengthen its IoT Offering
CHENNAI, India, December 15, 2016 /PRNewswire/ --
Saksoft Limited (NSE: SAKSOFT) (BSE: 590051), a leading digital transformation company, today announced that it has signed an agreement to acquire majority stake in Bengaluru based DreamOrbit Softech Private Limited (technology solution consulting firm with a focus on providing IT services to the Logistics Industry). With this acquisition, Saksoft will further strengthen its offerings in the Digital space with special emphasis on IoT.
Incorporated in 2010, DreamOrbit has been providing specialist technology solutions for the logistics & transportation (including air, land & ocean) enterprises and has offices in Bengaluru (India), Delaware (USA). The company has 230 employees and works with 40+ active customers. Almost all the revenues are offshore driven and cater primarily to the US market with a small portion coming in from rest of the world. DreamOrbit has been recognised in Deloitte Technology Fast 50 India for the past three years.
Speaking about this acquisition, Aditya Krishna Chairman & Managing Director, Saksoft said, "I am happy to share that with this acquisition, Saksoft has strengthened its offering in the IoT space. Also, we have added a very capable team of founders to enhance Saksoft's overall delivery organization. With our presence in Analytics, Digital Testing, Cloud, Mobility, Application Services and IoT we are in a better position to serve our customers in their Digital Transformation journey."
Commenting on this acquisition, Nirajkumar Ganeriwal, Chief Financial Officer, Saksoft said "Saksoft & DreamOrbit share the same vision to provide digital & innovative solutions to customers. The overall profitability of the combined entity will improve since the DreamOrbit revenues are offshore driven. This acquisition will happen in a phased manner and will be completed by 2019."
Sanchit Jain, CEO & Abhishek Porwal, CTO, DreamOrbit in a joint statement said "We are excited to join the Saksoft Group as they provide the scale we need to grow our business. Together, our aim is to become leaders in offering software services to the logistics & transportation vertical by offering a compelling value proposition for our customers."
About Saksoft Limited:
Saksoft Limited (NSE: SAKSOFT; BSE: 590051) is a global leader in providing digital transformation solutions and helping businesses stay relevant in a highly connected, rapidly evolving world. Saksoft offers a gamut of services including strategic consulting, information management, application development, digital testing, cloud, mobility and IoT. The company's experience in chalking out the digital journey from ideation to execution has given customers a competitive-edge. Delivering cost-effective solutions and providing superlative customer experience has been the key differentiator for Saksoft. Headquartered in Chennai (India), Saksoft has offices across the USA, Europe and Asia employing over 1000 people. For more information, please visit http://www.saksoft.com
For further information, please contact
Karthik Subramanian
Head - Marketing, Saksoft Limited
Phone: +91-44-2454-3500 | Hand phone: +91-98409-05522
Email: [email protected]
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