G7 CR Tech India acquires its UAE-based firm for $6.5 million

New Delhi: Cloud companies supplier G7 CR on Tuesday mentioned it has acquired its UAE-based agency G7 CR MEA LLC for $6.5 million (about Rs 50 crore) according to the corporate’s plan to broaden enterprise in that area.

The transfer comes after the board of G7 CR Technologies India accepted the acquisition of the Dubai-based firm, through which its managing director (MD) and chief cloud architect Christopher Richard was holding a 49% stake at his particular person capability whereas his middle-east companion Ibrahim had a controlling stake of 51%.

The acquisition was accomplished after the 51% stake was purchased out from Ibrahim for $6.5 million and the entity was merged with G7 CR Applied sciences India Pvt Ltd to grow to be one among its subsidiaries.

“It is a strategic acquisition for G7 CR Applied sciences India, because it won’t solely present entry to newer companies on this area and adjoining continents however may even present operational benefit to our present purchasers,” Richard mentioned in a press release.

G7 CR Applied sciences, which focuses on small and medium companies, startups and unbiased software vendors, claims to have an annual turnover to the tune of $60 million.

“The newest acquisition is a part of the growth plan of the corporate which additional plans to amass firms in Africa, Europe, UK and the US and assist companies undertake swift and agile digital cloud transformation,” the assertion mentioned.

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