New Delhi, April 22 -- Canarys Automations Limited, an Indian digital transformation company, has acquired a 51% stake in Fortira Inc., a US-based technology firm specialising in Artificial Intelligence (AI), Machine Learning (ML), and data-driven solutions. The acquisition, finalised on April 15, marks Canarys' entry into the North American market.

Fortira Inc., headquartered in Princeton, New Jersey, was founded in 1996 by Ananth Iyengar, Nanda Kanuri, Michael Zalepa, and Ramakrishna Kambhampati. The company offers services in consulting, IT nearshoring, infrastructure, staffing, and outplacement, focusing on sectors such as banking, financial services, insurance, healthcare, and pharmaceuticals. With a workforce of approximately 51 to 250 employees, Fortira has an estimated annual revenue between $10 million and $50 million.

The deal values Fortira at $5 million and was financed through a combination of proceeds from Canarys' IPO, promoter subscription to warrants, and internal accruals. Canarys plans to acquire the remaining 49% stake in Fortira over the next three years.

Canarys Automations Limited, based in Bengaluru, has over 30 years of experience in digital transformation, offering solutions in digitalization, modernisation, cloudification, automation, and intelligence. The company specialises in DevOps and DevSecOps services and has a presence in sectors including banking, financial services, insurance, healthcare, pharmaceuticals, manufacturing, and retail.

This acquisition aligns with Canarys' strategy to expand its global footprint and enhance its capabilities in AI, ML, and data analytics. The company aims to leverage Fortira's expertise and client base to strengthen its position in the North American market.

Sheshadri Srinivas, Executive Director and CEO of Canarys Automations Limited said, "Fortira's strengths and customer relationships in the US align with our digital transformation portfolio. This partnership not only accelerates our growth strategy but also strengthens our expansion plans in the North American market. We are confident that it will create substantial long-term value for both organisations and all our stakeholders."

Published by HT Digital Content Services with permission from TechCircle.