Canarys Automations Limited — Important, 16-04-2025: General Updates

Canarys Automations Limited has completed its acquisition of a 51% stake in Fortira Inc., establishing it as a subsidiary. Fortira, based in the USA, has over 15 years of experience in AI, ML, and Data-driven technologies, serving clients in the BFSI, Healthcare, and Pharma sectors. This strategic move is aimed at accelerating Canarys' growth in North America by leveraging Fortira's client base and expertise. The total consideration for the acquisition amounts to approximately $5 million in cash, with the company planning to acquire the remaining shares over the next three years.

The deal is fully funded through proceeds from the IPO, promoter warrants, and internal accruals, reflecting Canarys' commitment to maintaining a healthy capital structure without additional debt. This acquisition not only enhances Canarys' technological capabilities but also aligns with its vision to be a global leader in technology solutions, delivering innovative services to clients worldwide. The company advocates for a positive outlook, anticipating significant long-term value creation for stakeholders.