In the M&A space, Cognizant said it has agreed to acquire SaaSfocus, a Noida-based consulting firm specializing in digital transformation while Force Motors is buying Pithampur-based manufacturing plant of MAN Trucks India Pvt Ltd, and AltF CoWorking said it has bought out co-working startup Daftar India. Meanwhile, lenders of Ruchi Soya have approved the Rs 6,000-crore takeover bid of Adani Wilmar.
Cognizant acquires SaaSfocus
Cognizant on Thursday announced that it has agreed to acquire SaaSfocus, a Noida-based consulting firm specialising in digital transformation. Financial details were not disclosed. The acquisition will expand Cognizant’s end-to-end digital transformation services and Salesforce cloud capabilities in the Asia-Pacific region. Over 350 SaaSfocus consultants will become part of Cognizant’s Salesforce practice, it said in a statement. The transaction is expected to close in the fourth quarter of 2018.
Force Motors to buy MAN Trucks plant
Force Motors is acquiring Pithampur-based manufacturing plant of MAN Trucks India Pvt Ltd, a Volkswagen group company, for an undisclosed amount, it said in a BSE filing on Thursday. The company’s board has accepted a proposal from MAN Trucks India to sell and transfer certain assets including immovable and movable properties as also other intangible assets at its plant at Pithampur, Madhya Pradesh, it said. The acquisition is expected to be completed by the end of October.
AltF CoWorking buys Daftar India
Gurugram-based AltF CoWorking on Thursday said it has acquired Daftar India, a Noida-based co-working startup, marking its first acquisition, as per media reports. Financial terms of the deal were not disclosed. Daftar India was founded by Sahil Gupta in September 2017. With its acquisition, AltF will add over 14,000 square feet of co-working space in Noida, and more than 250 seats. It already has an inventory of 1,000 seats in its eight centres in Gurgaon and charges Rs 4,000-9,000 per seat per month. Going ahead, AltF plans to launch more co-working centres within Noida and Gurugram for startups as well as small and medium enterprises (SMEs).
Ruchi Soya lenders approve Adani Wilmar bid
Lenders of Ruchi Soya have approved the Rs 6,000 crore bid of Adani Wilmar to acquire the debt-ridden edible oil firm, PTI reported. Adani Wilmar’s bid was approved by the committee of creditors (CoC) with about 96 per cent votes in favour, the report said. Earlier this month, the Competition Commission of India (CCI), too, had approved Adani Wilmar’s acquisition of debt-stricken Ruchi Soya. Adani Wilmar, a JV between the infrastructure conglomerate founded by Gautam Adani and Singapore’s Wilmar, was competing with Baba Ramdev-led Patanjali to take over Ruchi Soya. Patanjali had reportedly offered Rs 5,765 crore.