M&A

M&A

R Systems acquires IT Services co Velotio for Rs.279-Cr

Press Release   BSE Announcement  

Noida-based, publicly listed R Systems has acquired Pune-based, fellow IT Services company Velotio Technologies for INR 278.80 crore. Technology Holdings acted as Velotio's financial adviser, while Globeview served as its exclusive tax advisor. With a team of over 300 engineers, Velotio combines engineering, data expertise, cloud-native and design capabilities to build innovative products for global customers. It had reported a Turnover of INR 127.4 Cr for FY23. Velotio co-founders Kalpak Shah and Chirag Jog, as well as the rest of the Velotio team will join the combined business. PE firm Blackstone-backed R Systems, founded in 1993 by Satinder Singh Rekhi, is a provider of digital Information Technology services, specialising in product engineering, and serves over 250 customers in technology, media, telecom, and financial services sectors globally.