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Industrial IoT player Infinite Uptime acquires manufacturing s’ware co. Covacsis Tech

BSE Announcement   Covacsis Technologies  

Pune- and CA (USA)-based industrial Internet of Things (IoT) startup Infinite Uptime has acquired Mumbai-based manufacturing automation software firm, Covacsis Technologies . LegaLogic Consulting acted as the sole legal advisor for Infinite Uptime on the transaction.As part of the deal, publicly listed Thermax Ltd has sold its 16.7% stake in Covacsis to Infinite Uptime for approximately INR 10 crore.Founded in 2019 by Tarun Mishra and Abhijeet Mhatre, Covacsis operates an IoT platform PlantOS Manufacturing Intelligence which provides manufacturing optimization solutions.

Between Sep 2012 and Apr 2014, Covacsis Technologies had raised about USD 2 M from Blume Ventures, India Venture Partners, Cisco and GenNext Ventures.In Aug 2022, publicly listed Thermax Limited had invested INR 10 Cr for 16.67% stake in Covacsis TechnologiesFor FY24, Covacsis Technologies had reported about INR 5 Cr in Operating Income and about INR 2 Cr in Net Loss.