Canarys Ventures Across Oceans: Embarks on Acquisition Journey to Bolster North American Market Presence

In a strategic move towards global expansion, Canarys Automations Limited (NSE – Canarys) announces its ambitious plan to acquire a distinguished software services and consulting company based in North America. With a rich legacy of over three decades, Canarys is renowned for its prowess in digital transformation solutions, including Digitalization, Modernization, Cloudification, Automation, and Intelligence.

The target company, boasting a stellar track record spanning more than two decades, has firmly established itself as a trusted partner to clients across sectors such as Banking, Financial Services, Insurance (BFSI), and Pharmaceuticals. Canarys' strategic acquisition aims to harness synergies, foster innovation, and deliver enhanced value to its clientele, thereby fortifying its position in the North American market.

This landmark acquisition represents Canarys Automations Limited's maiden venture into inorganic growth strategies, underscoring its commitment to achieving ambitious growth targets and expanding its global footprint. Pending completion of due diligence and execution of definitive agreements, this strategic move is poised to redefine Canarys' trajectory in the digital transformation landscape.

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

Amidst this strategic maneuver, Canarys remains steadfast in its commitment to driving digital innovation and delivering exceptional value to its stakeholders. This acquisition marks a significant milestone in Canarys' journey towards becoming a global leader in digital transformation, further solidifying its presence across continents to serve clients with cutting-edge solutions.

About Canarys Automations Limited:

Canarys Automations Limited, headquartered in Bengaluru, India, is a renowned provider of IT solutions with a legacy of over three decades. With a team of over 350 technology professionals, the company specializes in facilitating digital transformation for businesses across industries.

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

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