Datamatics Global Services Ltd. (DGSL), a global IT & BPM company, today announced that it strategically divested its stake in one of its subsidiaries - Cignex Datamatics Inc. The stake has been acquired by a Relevance Lab, a Singapore headquartered IT Services company through a share-swap arrangement.
Cignex Datamatics is a US-headquartered IT Services firm offering, Open Source, Cloud and Automation services. DGSL had 62.51% stake in Cignex Datamatics through its step-down subsidiary and it contributed to 17.27% of the total turnover of DGSL. As a result of this deal, the step-down subsidiary will hold 21% of the total stake in the combined entity.
Commenting on the occasion, Mr. Rahul Kanodia, Vice-Chairman & CEO said, “Relevance Lab has specialized offerings in the areas of Cloud & DevOps service delivery which makes it a suitable partner for Cignex Datamatics. The combined entity will have a stronger portfolio and expanded digital offerings which will create value for shareholders.” He further added, “This will also allow Datamatics management team to focus on its core IT & BPM offerings and emerging growth areas including RPA (Robotic Process Automation) & AFC (Automated Fare Collection).”
Mr. Raja Nagarajan, CEO, Relevance Lab commented, “We are delighted to welcome Cignex into the Relevance Lab family. Their capabilities in enabling digital transformation using open source & automation complement our cutting-edge offerings like RL Catalyst, Spectra & ServiceOne. The combined capabilities will enhance our offerings to provide frictionless business transformation solutions for an Enterprise.”
