Dev Information Technology, a CMMI Level 3 appraised company, has announced that it will acquire a 100% stake in Dhyey Consulting. Dhyey Consulting is known for its expertise in Microsoft Dynamics 365, CRM, AI, and Power Platform. The cost of the acquisition will not exceed Rs 9 crore, and the target company will become a wholly-owned subsidiary of Dev IT upon 100% acquisition by March.
- Dev Information Technology, a software company, is set to acquire 100% stake in Dhyey Consulting.
- The acquisition cost will not exceed Rs 9 crore.
- Dhyey Consulting will become a wholly-owned subsidiary of Dev IT upon 100% acquisition by March.
Dhyey Consulting Services Private Limited will be the target company for the acquisition. “The board of directors have considered and approved execution of Share Purchase Agreement (“SPA”) amongst Dev Information Technology Limited, Promoters, and Dhyey Consulting Services Private Limited,” according to an exchange filing by the company.
Out of Rs 9 crore, Rs 5 crore will be paid via bank transfer, while the remaining amount will be paid through the issuance of an undisclosed number of equity shares of Dev Limited. In addition to the acquisition, the board has approved the allotment of 2,96,296 preferential issues. These shares will have an issue price of Rs 135 per equity share, with a face value of Rs 5 each.
“Subject to the approval of shareholders of the Company and in accordance with SPA and such other regulatory/governmental authorities as may be needed, the Board has approved to create, offer, issue and allot by way of a preferential issue 2,96,296 equity shares, at an issue price of ₹135 per equity share of the face value of ₹5 each at an issue price,” the company stated in a filing.
With the acquisition of Dhyey Consulting, Dev Information Technology aims to broaden its service offerings and further its expertise in Microsoft Dynamics 365, CRM, AI, and Power Platform. The finalisation of the acquisition is expected by March.