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.
The shares of Glodyne Technoserve are trading at Rs 405, up Rs 5 or 1.4% over the previous close.
The scrip had earlier touched a day's high of Rs 410 and a day's low of Rs 396. It opened at Rs 402.
The total traded quantity stood at 0.60 lakh shares on the BSE. The scrip had earlier on February 24, touched a 52-weel high of Rs 309.90.
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.