R Systems International Ltd, a Blackstone portfolio company and a global leader in digital product engineering, has signed a definitive agreement to acquire Novigo Solutions Private Limited, a specialist in low-code/no-code (LCNC) development and intelligent automation services.
The transaction, valued at up to ₹400 crore in cash consideration, involves the acquisition of 100% equity stake in Novigo. The deal also includes provisions for the potential purchase of compulsory convertible preference shares (CCPS) at a later stage, subject to board approval and shareholder agreements. The acquisition is expected to close in the coming weeks, pending customary conditions and a notification to Saudi Arabia’s General Authority for Competition.
About Novigo Solutions
Incorporated in 2013, Novigo Solutions provides information technology and product engineering services with a strong focus on digital transformation and automation. Headquartered in Mangalore, the company has delivery centers in Kochi, Bengaluru, and presence in the Middle East.
- Turnover (FY25, provisional): ₹2,644.40 million
- Net Worth (March 31, 2025): ₹1,191.54 million
- Three-Year Growth: Revenue CAGR of 44% with 25% EBITDA margin
Strategic Rationale
The acquisition enhances R Systems’ revenue base to about ₹20,600 million ($240M) with an EBITDA of ₹3,800 million ($45M). It strengthens R Systems’ position in Agentic AI, FinTech, and Hi-Tech, integrating its OptimaAI Suite with Novigo’s UiPath Diamond-tier automation practice and Microsoft Copilot Centre of Excellence.
This combination creates a unified platform capable of designing, orchestrating, and managing enterprise-scale AI agents, catering to enterprises shifting IT budgets toward autonomous, compliance-ready workflows.
Management Commentary
Nitesh Bansal, CEO & MD, R Systems, said:
“The acquisition of Novigo Solutions accelerates our journey to lead the Agentic AI revolution. By integrating Novigo’s automation expertise into our OptimaAI portfolio, we can now take customers from model engineering to autonomous execution under one roof. It’s not just about scale, but about synergistic, high-margin capabilities that deliver stronger outcomes for our clients.”
Praveen Kalbhavi and Mohammed Hanif, CEO and CTO of Novigo Solutions, added:
“Joining R Systems accelerates our mission to deploy agentic AI and automation tools at scale. With the backing of R Systems’ OptimaAI Suite, our teams in Mangalore, Bengaluru, and other delivery hubs will complement R Systems’ global engineering strengths.”
Deal Highlights
- Target Entity: Novigo Solutions Pvt Ltd
- Industry: Information technology services (digital & product engineering)
- Transaction Value: Up to ₹400 crore (cash consideration)
- Shareholding Acquired: 100% equity stake