SIS board proposes to invest Rs5 crore in Staqu Technologies; Stock under pressure

18 Apr 2022 , 11:36 AM

SIS Limited has signed Share Subscription Agreement for acquisition of 7.65% shareholding in Staqu Technologies Private Limited.

SIS proposes to invest Rs5 crore for acquisition of 7.65% shareholding (7,773 shares) on a fully diluted basis in Compulsorily Convertible Preference Shares.

As  per the filing, Staqu was incorporated on June 16, 2015 in New Delhi, India and founded by the cofounders, i.e., Anurag Saini, Atul Rai and Pankaj Sharma. It is primarily a video and audio analytics and platform company. Its product called JARVIS (Joint AI Research for Video Instances & Streams) is an AI tool in video analytics and video management solutions that helps its customers. JARVIS works on cloud & on the Edge and on both digital & analog cameras.

Further, video analytics-based security solutions are expected to transform the security industry worldwide and the Company, to keep pace with this transformative trend, proposes to invest in such strategic capabilities.

At around 11:39 AM, SIS was trading at Rs512.80 apiece down by Rs2.15 or 0.42% on the BSE.