Saksoft acquires Augmento Labs to enhance digital engineering capabilities
Saksoft Limited, a prominent IT services provider, announced today its strategic acquisition of Augmento Labs, a Bangalore-based digital engineering firm, in a deal valued at up to Rs 100 crores. The transaction, which includes an upfront cash consideration of Rs 35 crores and additional earnout consideration based on future performance, is set to be finalized by the end of the current quarter, subject to customary closing conditions.
Strategic Implications of the Acquisition
This acquisition is a significant move for Saksoft as it seeks to bolster its presence and capabilities within the digital engineering sector. Augmento Labs, established in 2019, has quickly made its mark as a niche player in digital engineering, delivering innovative solutions across various industries, including high-tech, automotive, healthcare, and industrial sectors. With a turnover of Rs 45 crores in FY 2023-24, Augmento Labs has demonstrated robust growth and expertise, making it a valuable addition to Saksoft’s expanding portfolio.
Saksoft acquires Augmento Labs in a strategic move to boost its digital engineering capabilities.
Aditya Krishna, Chairman & Managing Director of Saksoft, emphasized the strategic benefits of the acquisition, stating, “Acquiring Augmento Labs will significantly strengthen Saksoft’s position in the dynamic and rapidly growing digital engineering market. Augmento Labs’ robust engineering expertise and domain knowledge will complement Saksoft’s broad scale and digital prowess, providing Augmento Labs’ esteemed client base access to our cutting-edge AI, Cloud, and Data technologies.”
Augmento Labs Welcomes the Acquisition
The co-founders of Augmento Labs, Anurag Aggarwal and Pravesh Kumar, expressed their enthusiasm about joining forces with Saksoft. “This acquisition marks an exciting new chapter for Augmento Labs. Joining forces with Saksoft allows us to leverage their inherent domain and technology capabilities apart from their top-notch talent to deliver even greater value to our clients. We are enthusiastic about the opportunities going forward,” they commented.
The acquisition of Augmento Labs by Saksoft is poised to create a powerhouse in digital engineering services. This move not only expands Saksoft’s service offerings but also enhances its competitive edge in the global market. By integrating Augmento Labs’ specialized skills and innovative solutions, Saksoft can now offer a more comprehensive suite of services to meet the evolving needs of its clients.
This strategic expansion reflects the growing importance of digital transformation in various industries and highlights the critical role of acquisitions in facilitating rapid growth and technological advancement in the IT sector.