Pune-based IT services firm Zensar Technologies said it would acquire Bengaluru-based retail technology provider Keystone Logic Solutions and its US subsidiary for Rs 132.4 crore.
With this acquisition, to be completed by April, Zensar, the IT services arm of RPG Group, aims to strengthen its technology solutions to global retail and consumer brands using Keystone’s expertise on omnichannel retail order and warehouse management.
“Zensar Technologies and Keystone Logic have entered into a definitive agreement for Zensar to acquire the business of Keystone Logic Solutions Pvt Ltd. In addition, Zensar Technologies Inc., a wholly-owned subsidiary of Zensar will acquire Keystone Logic Inc., a wholly-owned subsidiary of Keystone, in Atlanta, US,” said the company in a press statement.
“Keystone has built a lot of in-house capabilities in digital technology towards omnichannel solutions for retail and consumer clients. This deal will play an important role also because their services do not overlap with our current offerings,” said Sandeep Kishore, chief executive officer and managing director, Zensar.
The company is focusing on becoming more digitally relevant with acquisitions in new technology areas as clients are reducing their investments towards traditional technology, added Kishore. This is the second acquisition by the company this fiscal after it bought UK-based Foolproof, which provides design and consulting services for customer experience, in November last year.
“Keystone’s market leadership in omnichannel and order management and the strong management team leading the business, are strategic to Zensar’s plan to increase market share in digital commerce,” said Harsh Goenka, Chairman of RPG Enterprises and Zensar.
The company’s stock closed Rs 21.65 or 2.4 per cent up at Rs 922.05 on the BSE on Thursday.
Source: Business-Standard