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R Systems International’s arm gets nod to acquire additional 60% stake in Scaleworx Technologies

29 Nov 2023 Evaluate

R Systems International’s subsidiary -- Velotio Technologies (Velotio) has received approval from board of directors for acquisition of additional 60% equity shares of Scaleworx Technologies, a company incorporated under the Companies Act, 2013, and having a business of information technology relating to DevOps consulting, infrastructure management, outsourced product development and digital product engineering services (Scaleworx).

Velotio as on date, already holds 40% equity shares of Scaleworx and hence is an associate company of Velotio. Post the acquisition of the remaining 60% equity shares, Scaleworx will become a wholly-owned subsidiary of Velotio.

With this acquisition, the Company will be able to deepen its product engineering capabilities in, DevOps and digital product engineering services.

R Systems International is a software product development and BPO services company.

Peers
Company Name CMP
TCS 2498.05
Infosys 1180.65
HCL Technologies 1438.60
Wipro 197.70
Tech Mahindra 1830.00
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