Bengaluru, April 21, 2025: In a strategic move aimed at accelerating its global growth, Canarys Automations Limited, a Bengaluru-based digital transformation and IT solutions provider, has acquired a 51% stake in Fortira Inc., a New Jersey-headquartered enterprise specializing in Artificial Intelligence (AI), Machine Learning (ML), and data-driven technologies. The acquisition was completed on April 15, 2025, at an enterprise valuation of $5 million, through an all-cash transaction.
The deal marks a major milestone in Canarys’ expansion strategy, particularly in the North American market. The remaining 49% stake in Fortira will be acquired over the next three years, signaling a long-term partnership between the two companies.
Fortira Inc. was founded by Ananth Iyengar, Nanda Kanuri, Michael Zalepa, and Ramakrishna Kambhampati and brings over 15 years of experience in delivering cutting-edge technology solutions to large enterprise clients in the BFSI, Healthcare, and Pharma sectors. Its expertise in enterprise software, AI, and data analytics is expected to seamlessly integrate with Canarys’ existing digital transformation portfolio.
Speaking on the acquisition, Mr. Sheshadri Srinivas, Executive Director & CEO of Canarys Automations, said:
“This acquisition marks a significant strategic milestone in our journey to scale our capabilities in Artificial Intelligence (AI), Machine Learning (ML), and the Data domain. Fortira’s strong customer relationships in the U.S. and proven strengths in enterprise AI and Data solutions align perfectly with our long-term vision. This partnership will accelerate our growth in North America and add substantial value for both organizations and stakeholders.”
The acquisition does not fall under related party transactions, though Canarys has previously done business with Fortira. Regulatory or governmental approvals were not required for the acquisition.
The deal has been financed through a combination of IPO proceeds, promoter subscription to warrants, and internal accruals, underscoring the company’s robust financial health and commitment to capital efficiency without incurring any additional debt.
Canarys Automations continues to strengthen its global footprint through strategic acquisitions and innovation-driven services, positioning itself as a future-ready leader in the global IT solutions and digital transformation space.