Glodyne Techno acquires Comat Tech

“The acquisition will help us expand our reach in new states. Together with our technology and service offerings,we believe tremendous value can be created for all constituents,” Glodyne Chairman and Managing Director Annand Sarnaaik said.

He,however,declined to comment on the size of the deal.

Comat helps governments provide citizen centric services. Amongst others,Comat has bagged enrolment project with Unique Identification Authority of India and computerisation of the Food and Civil Supplies department covering over 10 million families across Karnataka.

“We will fully leverage these opportunities to continue to expand our presence in the e-governance space. With Comat’s experience in the space,there would be further improvements in efficiencies and will help us pursue large public-private partnership based projects,” Sarnaaik said.

Comat is a venture funded company and includes investors such as Omidyar Network,Elevar Equity and Avigo Capital. “It did business worth about Rs 25 crore crore last year,” Sarnaaik said.

The acquisition will be done on cash basis and there would be no equity dilution for the same,he said.

The acquisition is subject to completion of the customary closing conditions. Post the closure,which is expected to take a month’s time,Comat will operate as a subsidiary of Glodyne.

Prime Securities Limited acted as the sole advisor to the transaction.

Shares of Glodyne were trading at Rs 395 a piece at 1400 hours,down 1.11 per cent from its previous close on the BSE.