Digital transformation solutions firm Robosoft Technologies, which counts Apple as one of its clients, has been acquired by Japanese firm TechnoPro Holdings in a deal reportedly valued at Rs 805 crore. Robosoft has signed a definitive agreement on August 10 to sell 100% of its shares to TechnoPro Holdings.
Following the deal, Robosoft will become a subsidiary of TechnoPro in two-phased transactions: 80% in the first tranche and the remaining 20% in the second one around one year later. TechnoPro said it will identify the digital solution delivery services to the clients in the developed countries utilising overseas offshore hubs as one of the pillars of the growth strategy in its new medium-term management plan. “The purpose of the share acquisition is to promote this growth strategy by acquiring the Indian offshore core hub and the capability of technology and solution in a digital field,” the company said in a statement.
Robosoft, based in Udupi, Karnataka was founded in 1996 by Rohith Bhat. It presently employs over 800 engineers providing digital solutions such as digital advisory, UI/UX design, engineering services, analytics, middle/back-end development with delivery centres located in India, Japan and the USA. Robosoft reported net sales of Rs 184 crore for FY21, an increase of 89% from the previous year.
The company had raised funding from Kalaari and Ascent Capital in 2011 and 2008 respectively. Post the acquisition, Robosoft will continue being led by its current management team, headed by Chief Executive Officer Ravi Teja Bommireddipalli, who is also being elevated to Managing Director.
TechnoPro said it intends to work in collaboration with Robosoft with the aim of gaining and expanding customer base in Japan of Media, BFSI and Retail/EC industries utilising the existing solutions of Robosoft; developing and providing TechnoPro’s customers such as manufacturers, etc., with digital solutions combining Robosoft’s offerings of advisory and UI/UX design and TechnoPro’s existing technologies; leveraging Robosoft’s engineers at domestic on-site and offshore and nurturing TechnoPro’s engineers in a digital sphere, given the tight supply of digital-savvy engineers in Japan.
"Robosoft has had a phenomenal journey over the last two decades and has grown by leaps and bounds during this period. The partnership with Ascent Capital and Kalaari Capital heralded a strong growth era for us and I am very happy that we are handing over the reins of the Company to a global player like TechnoPro," said Rohith Bhat, Founder & Managing Director of Robosoft.