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Glodyne Technoserve to acquire Comat Technologies

Announcement  |  Corporate 

Glodyne Technoserve Limited one of the largest technology infrastructure management services provider and a pioneer in e-governance managed services space in the country today announced the acquisition of Comat Technologies, a leading provider of e-governance services in India.

Comat has created a strong niche in the e-governance sector in the country having worked with governments in using technology to provide services that ensure reach to millions of people and bring efficiency in the processes.

Comat acquisition will help Glodyne expand its reach in new states and add several key partnerships and relationships with governments for providing citizen centric programs. Amongst others, Comat has a notable pipeline of projects addressing important and current areas such as UID services. It has also implemented PDS program which encompasses complete computerization of the Food and Civil Supplies department covering over 10 million families across Karnataka. Glodyne intends to fully leverage these opportunities to continue to expand its presence in the e-governance space. With Comat's experience in the space Glodyne expects further improvements in efficiencies and delivery excellence as it continues to pursue large public-private partnership based projects.

“Glodyne has been a pioneer in implementing transformational e-governance projects in the country. Comat brings on-the-ground experience of having worked on providing services for millions of rural citizens. Together with our technology and service offerings, we believe tremendous value can be created for all constituents" said Annand Sarnaaik, CMD of Glodyne Technoserve.

"As a leading social enterprise, Comat has created huge impact on the ground serving millions of rural citizens. We believe that the philosophy we set out in building the enterprise has remained over the years and together with Glodyne, we think we can increase our social impact foot print" said Ravi Rangan, Founder and Vice Chairman Comat Technologies.

With Glodyne’ financial strengths, strong presence in the government sector and its experience of executing large public-private partnership based projects; it is confident of ensuring efficiencies improvement through backward integration as well as strengthens its position in the government space.

Comat has experience of providing e-governance services across eleven states in the country. Comat is a venture funded Company and includes premier investors such as Omidyar Network, Elevar Equity and Avigo Capital.

The acquisition will be done on cash basis and there would be no equity dilution for the same.  The acquisition is subject to completion of the customary closing conditions. Post the closure Comat will operate as a subsidiary of Glodyne. Prime Securities Limited acted as the sole advisor to the transaction.

About Comat Technologies
Comat Technologies Private Limited is a social enterprise in the business of delivering essential Government and Private services to rural India. Established in 1996, Comat has reached over 10 Million rural customers and provided first time employment to over 20,000 people in Rural India. Comat has been a pioneer in e-governance services and ran a network of thousands of centers in rural areas for door step delivery of Government services. In addition to delivery of services, Comat has worked with Government in re-engineering processes and using technology to bring efficiency and cost savings to the Government. Most recently, Comat has been involved with piloting and subsequently scaling the UID initiative in several states. Comat has been recognized for its work and over the years won several accolades including Legatum Fortune Technology Prize, NASSCOM Innovation Award and Deloitte Fast 50 award.

About Glodyne Technoserve Limited (BSE: 532672; NSE: GLODYNE)
Glodyne Technoserve Limited is a leading Technology IMS company that has built rich experience in the geographies it serves while constantly exceeding delivery expectations of its customers. Glodyne leverages its comprehensive India and North America services footprint with a well established and well proven bouquet of managed infrastructure services offerings to improve availability and efficiency of its customer's IT assets.  Glodyne has been implementing large technology-led social initiatives in the areas of MNREGS, financial inclusion, empowerment of the unorganized workforce, etc. Glodyne with its experience, expertise and strong IPRs has acquired a leadership position in this space. Glodyne’s success is attributed to its unique business model, a focused approach and the strength of its people.

Glodyne has recently received the prestigious ‘Best under a Billion’ – Asia Pacific 2010 award by Forbes magazine. Glodyne has also received the ‘Maharashtra IT Award 2010’ for outstanding contribution to the State. It has been a consistent winner of Deloitte Technology Fast India and Asia Pacific 2010,2009,2008,2007 and 2005 Programs. It was ranked 5th in the Business Today 500  India’s Most Valuable Companies list in the 10 yrs profit performance category in 2010.

First Published: Fri, June 10 2011. 18:24 IST
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