ITC subsidiary to acquire Blazeclan Tech for Rs 485 crore

Business Today Desk

ITC Infotech India Limited, a wholly-owned subsidiary of ITC Group, have entered into a share purchase agreement on April 18 for the acquisition of 100 percent stake in Blazeclan Technologies Private Limited, a player in the cloud services, for an estimated amount of Rs 485 crore in a all cash deal.

The proposed acquisition will be completed in 6 to 8 weeks subject to completion of the  customary closing conditions, ITC said in a filing to the exchanges on April 18.

This acquisition is expected to augment ITC Infotech’s capabilities to service its customers in a multi-cloud and hybrid cloud environment with focus on the Partner eco-system to accelerate future growth.

Blazeclan is a born-in-the-cloud consulting company providing cloud services on AWS, Azure and GCP, and has been recognized as a Niche Player in the 2023 Gartner® Magic Quadrant for Public Cloud IT Transformation Services.

Blazeclan has strong expertise in cloud migration, digital services, digital cloud consulting and data analytics & insights. It operates in India, Singapore, Australia, Malaysia, Philippines, New Zealand, Belgium, USA and Canada. The company reported a turnover of Rs 249.50 crore in FY23.

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