Ceinsys Tech has acquired Allygrow Technologies, an engineering design, development, and manufacturing engineering service. The acquisition resulted in a 20% boost in Ceinsys Tech’s shares.
Ceinsys Tech announced the acquisition of Allygrow Technologies, a technology-driven firm focusing on engineering design, development, and manufacturing services, with a specialization in robotics automation. Allygrow Technology has run operations in the US, Europe, and India.
Some details on the acquisition
The acquisition was announced on Wednesday by Ceinsys after being approved by its board of directors to procure complete equity in Allygrow Technologies Private Limited from its current shareholders. According to reports, the stake will assimilate with a total amount that is lesser than Rs 68.06 crore, which will be liquidated via cash consideration of Rs 11.79 crore.
How this acquisition helps Ceinsys Tech
The procurement of Allygrow Technology enables Ceinsys Tech to increase its abilities in the core engineering design, development, and manufacturing engineering sector. The partnership with Allygrow enables the firm to cater to global clients in various industries by combining Allygrow’s tech with their own proficiency in automotive and aerospace engineering.
In fact, the positive outcome of the acquisition is already becoming visible. The procurement was followed by a 20% increase in shares of Ceinsys Tech. As a result, the company’s share prices saw a significant 52-week high, which went up to Rs 211.05 on the BSE, in contrast to its previous rate of Rs 175.90.
How the acquisition helps Allygrow Technology
The acquisition is also beneficial for Allygrow Technology, as the partnership is a stepping stone in the firm’s journey towards growth and expansion. According to Prashant Kamat, the Chief Executive Officer of Allygrow, the company is happy with the idea of combining efforts to provide advanced engineering technology to the global market. The firm is also excited to leverage the partnership to create advanced, high-tech innovation in the engineering sector.