Datamatics acquires 72% in Cignex @ Rs. 120 cr

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Datamatics Global Solutions has acquired a 72 per cent stake in Cignex Global Holding Corporation for Rs. 120 crore. This acquisition is to further strengthen Datamatics' tentacles in the enterprise content management and enterprise document management space. Once when the deal goes through, the enterprise content management and document management space would contribute around 45 per cent to its revenues from 30 per cent currently. This acquisition will also benefit Datamatics in increasing its footprint both globally and in India.

Datamatics had formed a joint venture with Cignex last year. Rahul Kanodia, VC & CEO said, "We will take a call on the joint venture soon. We believe in the existing promoter group and we want them to stay put as there is an upside for all parties involved."


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