Canarys Ventures Across Borders With Strategic Acquisition, Expanding Reach Into North American Market

Leading the charge in digital transformation for over three decades, Canarys Automations Limited (NSE – Canarys) takes a bold step towards international expansion. The company announces a pivotal move in its growth strategy by initiating discussions to acquire a controlling interest in a distinguished software services and consulting firm based in North America.

Boasting more than two decades of industry expertise, the target company has earned a stellar reputation as a trusted partner, serving clients across diverse sectors including Banking, Financial Services, Insurance (BFSI), and Pharmaceuticals. This strategic maneuver underscores Canarys' steadfast commitment to accelerating its footprint in the North American market and broadening its solutions portfolio to cater to Fortune 100 enterprises.

This proposed acquisition marks a significant milestone for Canarys Automations Limited, signaling its entrance into the realm of acquisitions and reaffirming its dedication to achieving ambitious growth objectives. By harnessing the complementary strengths and expertise of both entities, Canarys aims to cultivate synergies that will foster innovation, elevate solution delivery standards, and deliver enhanced value to customers. The completion of the transaction is contingent upon due diligence and the execution of definitive agreements. Canarys Automations Limited eagerly anticipates leveraging this acquisition to fortify its market position, seize new opportunities, and embark on an exciting journey of growth and success.

To finance this strategic acquisition, Canarys plans to utilize a combination of internal accruals and debt. The company intends to issue up to 25,60,973 convertible warrants priced at Rs. 41/- each, with warrant holders having the option to convert them into 1 Equity Share at a premium of Rs. 39/- per share within 18 months, aiming to raise funds of up to Rs. 10.49 Cr/-. An Extraordinary General Meeting is scheduled for May 13, 2024, to secure shareholder approval for the proposed preferential issue.

Canarys reaffirms its unwavering commitment to delivering value to its shareholders and stakeholders. This strategic move underscores the company's dedication to seizing growth opportunities in the dynamic global market landscape.

About Canarys Automations Limited:

Canarys Automations Limited, headquartered in Bengaluru, India, boasts over 30 years of experience as a leading IT solutions provider. With a team of over 350 technology professionals, the company specializes in facilitating digital transformation for businesses through its software solutions in Digitalization, Modernization, Cloudification, Automation, and Intelligence. Their services cater to various industry sectors, including BFSI, Retail, Healthcare, Pharmaceutical, Manufacturing, and Insurance, with a primary focus on enhancing operations, improving customer experiences, and staying competitive.

Recognized for excellence, Canarys Automations has received awards such as "Leader in DevOps Solutions," "Best DevOps Solution Provider," and "Most Innovative DevOps Company." They are a trusted partner for businesses of all sizes, dedicated to helping clients achieve their digital transformation objectives. With their industry expertise and diverse range of solutions, Canarys Automations is well-equipped to support businesses in their digital transformation journey.

For more information, please visit: https://ecanarys.com/