Cressanda Solutions forays into AI/ML through its acquisition of Lucida Tech; Stock soars 4%

26 Mar 2024 , 03:13 PM

Cressanda Solutions Limited is set out to build an innovation to projects global business with technology and software services at its core.

The goal of this core technology and software services business is to create cutting edge in-house competencies and cater to the demanding developed technology consumption markets. The company is focused on the European and the American markets now and will later expand to the Asia-Australia market.

Further, Cressanda’s goal is to become a one-stop entity that delivers high end technology solution to its global customers. The company’s global operations create customer intimacy through in-situ project and account management, its operations in India deliver these projects in the most resource efficient manner.

To augment its market and business delivery position in line with its strategy, Cressanda Solutions Ltd. have signed a non-disclosure and LOI with Bangalore based Lucida Technologies to acquire 100% of the issued and outstanding equity interests of Lucida and its subsidiaries.

Lucida Technologies is a Bangalore based digital technology company specializing in providing development and support services in leading edge technologies such as data analytics, artificial intelligence/ machine learning (AI/ML), full stack, mobile and Robotic Process Automation (RPA).

Lucida caters to multiple clients located in India, Malaysia, Singapore, the USA, the UK, spanning across various domains and industries. Lucida reported an annual revenue of Rs8.95 crore as per the latest audited financial statements as on March 31, 2022.

Lucida partners with its clients to ideate and develop quality products and solutions that leverage their own industry-domain expertise and marries it to their proven technology capabilities. Lucida has extensive experience in architecting, building, and supporting business critical technology platforms.

Both Cressanda and Lucida have great synergy opportunities to leverage scale and deepen the existing customer relationships with a wider array of technology and services offering.

At around 10:24 AM, Cressanda Solutions was trading at Rs44.10 apiece up by Rs1.6 or 3.76% on the BSE.