Acrodex picks up majority in Axcend

Acrodex, the $150 million Canadian company focussing on industrial automation, has acquired a majority stake in Bangalore-based Axcend Automation.

Axcend Automation, prior to this deal was called EI Systems and Solutions and focussed mainly on offering IT solutions for industrial automation in the Indian market. No financial details of the deal was disclosed.

The new entity will become a global product and solutions development hub for Acrodex.

Said Uma Balakrishnan, CEO, Axcend: "The domestic market for the integrated space of industrial automation and manufacturing IT solutions is estimated at $100-300 million while the global market is pegged at $40-50 billion. With this investment from Acrodex, we will have the bandwidth to scale our operations and intend to have an equal share of revenues from the global and domestic markets over the next year."

She further added that Acrodex's 20-year operation in the North American market as one of the key player in the end-to-end enterprise software and hardware solutions space, combined with Axcend's presence in real time IT and automation solutions would create a strong alliance offering end-to-end manufacturing solutions to global customers.

"The new entity with its global back-up and resources will also significantly expand operations in the Indian market," Balakrishnan added.

The company already has a track record of handling projects in plant control, production management system, operations management tools and enterprise-wide connectivity, both in India and overseas.

Axcend's list of customers in India include ABB, HLL, Indian Railways, Bosch India, ITC, Kalyani Steels, Indo Rama Synthetics, NCR Corporation and Yokagawa India.