ITC announced that its wholly owned subsidiary, ITC Infotech India has entered into Share Purchase Agreement to acquire 100% stake in Blazeclan Technologies for total consideration of Rs 485 crore.
Blazeclan is an AWS Premier Partner, Snowflake Elite Partner and a leader in providing Cloud transformation solutions to customers globally. Blazeclan has strong expertise in Cloud Migration, Digital Services, Digital Cloud Consulting and Data Analytics & Insights. Its turnover was Rs 249.50 crore in FY23.The purpose of this acquisition is to augment ITC Infotechs capabilities to service its customers in a multi-cloud and hybrid cloud environment with focus on the Partner eco-system to accelerate future growth.
The focus is to strengthen ITC Infotechs commitment to helping clients navigate their digital transformation journey and deliver business outcomes built on the foundation of strong Cloud capabilities.
The said acquisition will be completed within 6 to 8 weeks and the total cost of the acquisition is Rs 485 crore.
The scrip rose 0.73% to trade at Rs 422 on the BSE.
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