R Systems (NSE: RSYSTEMS; BSE: 532735), a leading digital product engineering company, today announced that it has signed definitive agreements to acquire Velotio, an India-based product engineering and digital solutions provider.
With a team of over 300 engineers, Velotio combines complex engineering, data expertise, cloud-native, and design capabilities to build innovative products for global customers, including NASDAQ-listed enterprises, and high-growth companies.
With this acquisition, Kalpak Shah (Co-Founder and CEO, Velotio), Chirag Jog (Co-Founder and CTO, Velotio), and the rest of the Velotio team will partner with R Systems to help scale Velotio's business, develop its engineering capabilities and accelerate its growth.
The Velotio leadership team brings decades of experience and deep-rooted knowledge of building complex engineering solutions that meet the rapidly growing needs of various industries.
Nitesh Bansal, Managing Director & Chief Executive Officer of R Systems, said: "We extend a warm welcome to Kalpak, Chirag, and the entire Velotio team to the R Systems family. This partnership with Velotio and its talented management team is a significant step towards R Systems' continued growth journey. Velotio's deep engineering capabilities within its focus verticals neatly complement our vertical presence and deepen our delivery capabilities in areas like Cloud, DevOps, Data Engineering, and Generative AI. We are also excited to expand our India delivery presence to Pune, a hub of product engineering talent. Velotio's attractive roster of customers and a very entrepreneurial management team are great additions to R Systems - they can help us expand our partnerships and deliver enhanced value to our customers."
Kalpak Shah and Chirag Jog, Co-Founders of Velotio, said: "We are excited to join the R Systems family in this next phase of growth for Velotio, our employees, and our customers. R Systems is an established player in the industry with a strong management team, marquee customers, and a global presence, which will provide a platform for us to create value at a larger scale. With our culture of attracting and nurturing top talent in the latest technologies and R Systems' extensive industry expertise and global presence, we are excellently positioned to help enable our customers on a strong growth trajectory. We also look forward to collaborating closely with Blackstone, one of the world's leading investors, as we look to build a scaled and fast-growing digital product engineering company."
Technology Holdings acted as Velotio's exclusive financial advisor. The acquisition is subject to customary closing conditions.
Shares of R Systems International Limited was last trading in BSE at Rs. 335.60 as compared to the previous close of Rs. 344.75. The total number of shares traded during the day was 59640 in over 1723 trades.
The stock hit an intraday high of Rs. 343.60 and intraday low of 328.10. The net turnover during the day was Rs. 19938028.00.