Softline Holding plc
("Noventiq" or the "Company")
Noventiq is acquiring India's leading Cloud Managed Services Provider, G7 CR Technologies
· Noventiq will strengthen its capability for delivering services for Microsoft Azure migrations and support through the acquisition of G7 CR Technologies. Microsoft's Azure business is historically growing globally at 40-60% every year.
· Headquartered in Bengaluru, G7 CR Technologies is considered India's leading Managed Services Provider for Azure-based cloud solutions offering services from advisory to migration, implementation, security and optimization, among others. G7 CR is also a significant player in the market for Microsoft products.
· This transaction represents the fourth acquisition of Noventiq in India which highlights the company's goal on continuing to invest in India, for India.
London, 16 December 2022.- Noventiq (LSE: SFTL), the global digital transformation and cybersecurity solutions and services provider, announces today the signing of an agreement to acquire one of India's principal Microsoft partners, G7 CR Technologies India Pvt Ltd. This acquisition further strengthens Noventiq's place as the leading player in the market for Microsoft solutions in India, one of the world's fastest growing IT markets.
G7 CR, which currently works with over 600 customers from the SME, enterprise, government, and start-up sectors across India, will bring 200 excellent professionals to Noventiq's family.
Headquartered in Bengaluru, G7 CR Technologies was founded in 2012. Since the beginning, the company has focused on providing primarily Microsoft Azure-based solutions and services as well as Microsoft products. In addition to this, G7 CR is a Microsoft Solution partner for Data & AI, Infrastructure, Digital & App Innovation, Modern Work & Security. G7 CR has received Microsoft's Country Partner of the Year Awards in 2019 and 2020. G7 CR also has a strong presence in the Middle East which complements Noventiq's growth strategy in that region.
This transaction follows a series of acquisitions made by Noventiq in India in the past two years; Value Point Systems, which was announced in October 2022, Umbrella Infocare, acquired in February 2022, and Embee, acquired in January 2021. All these companies, together with G7 CR, complement Noventiq´s capabilities to deliver the most modern set of solutions and services to customers of all types in this dynamic market - from large Indian global corporations to digital-natives born in the cloud. This set of offerings includes multi-cloud solutions, software, cybersecurity and infrastructure.
Sergey Chernovolenko, CEO at Noventiq, commented: "We are extremely happy to welcome G7 CR team to Noventiq. This transaction represents our fourth acquisition in this country which shows how important it is for our strategy to continue to invest in India, for India. Our goal is to have a $1Bn business in India in the mid-term, and thanks to the incorporation of successful organisations like G7 CR, this goal will become a reality soon.
This acquisition is particularly important because through G7 CR we will be able to boost our Microsoft Azure services business, as well as better access India's vibrant sector of high-tech companies and start-ups."
Christopher Richard, Managing Director and Founder, G7 CR Technologies India Pvt Ltd, said: "We are very proud to have captured the eye of Noventiq's leadership team. Noventiq's global scale and G7CR's technology skills combined will enable us to provide a wider solution offering, and deeper tech engagements, to our existing and future customers. Further, this acquisition will give G7 CR access to a full portfolio of solutions and services from multiple global technology providers, as well as the opportunity to collaborate with a team of almost 3,900 excellent professionals. By joining Noventiq, we will contribute to their strategy of expanding Noventiq's footprint across India and beyond."
Contacts:
Steven Salter
Global Investor Relations VP
Rocio Herraiz
Global Head of Communications
About Noventiq
Noventiq is the new brand name of Softline Holding plc, one of the fastest growing players in the sector. It is a leading global solutions and services provider in digital transformation and cybersecurity, headquartered in London. Under this brand, the company enables, facilitates and accelerates the digital transformation of its customers' businesses, connecting over 75,000 organisations from all industries with hundreds of best-in-class IT vendors, and delivering its own services and solutions.
The company delivered turnover of approximately US$1.1 billion in the fiscal year of 2021. It is listed on the London Stock Exchange following its successful IPO in October 2021.
The company´s c. 3,900 employees, work in almost 60 countries throughout Asia, Latin America, Europe, Middle East and Africa - markets with significant growth potential. Since the start of the financial year on April 1, 2022, Noventiq announced six acquisitions to further boost its geographical presence and strengthen the global portfolio.
Additional information about the company can be found here: https://noventiq.com/
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.