Glodyne Technoserve Limited announced the acquisition of Comat Technologies, another solution provider of e-Governance services in India. Comat has created a niche in the e-Governance sector in the country having worked with governments in using technology to provide services that ensure reach to millions of people and bring efficiency in the processes.
Comat acquisition will help Glodyne expand its reach in new states and add several key partnerships and relationships with governments for providing citizen-centric programs. Amongst others, Comat has a pipeline of current projects such as UID services. It has also implemented PDS program which encompasses complete computerisation of the Food and Civil Supplies department covering over 10 million families across Karnataka. Glodyne intends to fully leverage these opportunities to continue to expand its presence in the e-Governance space.
Annand Sarnaaik, CMD, Glodyne Technoserve, said, “Comat brings on-the-ground experience of having worked on providing services for millions of rural citizens.”
Ravi Rangan, Founder and Vice-Chairman, Comat Technologies, said “The company believes that the philosophy it set out in building the enterprise has remained over the years and together with Glodyne, Comat can increase its social impact foot print.”
The acquisition will be done on cash basis and there would be no equity dilution for the same. The acquisition is subject to completion of the customary closing conditions. Post the closure Comat will operate as a subsidiary of Glodyne. Prime Securities Limited acted as the sole advisor to the transaction.