Saksoft Limited Announces Acquisition of Augmento Labs

On June 12, 2024, Saksoft Limited announced in a stock exchange filing the strategic acquisition of Augmento Labs, a digital engineering company based in Bangalore, Karnataka. This move aims to strengthen Saksoft’s capabilities and presence in the product engineering sector.

The company stated that it expects the transaction to be finalised by the end of the current quarter, pending customary closing conditions. This acquisition will substantially enhance Saksoft’s ability to provide comprehensive solutions across the digital engineering spectrum within its focus verticals.

The total cash consideration for the acquisition is up to ₹100 crore, with an upfront payment of ₹35 crore and the remaining amount as earnout consideration based on performance over the next two financial years.

Founded in 2019, Augmento Labs has established itself as a niche player in the Digital Engineering space, providing innovative solutions across various industries, such as automotive, Hi-Tech, industrial and healthcare domains. Augmento Labs reported a turnover of around ₹45 crore in FY 2024, ₹44.84 crore in FY 2023 and ₹29.81 crore in FY 2022.

Commenting on this acquisition, the Chairman and Managing Director of Saksoft, Aditya Krishna, said, “We believe that 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.”

The Co-Founders of Augmento Labs, Anurag Aggarwal and Pravesh Kumar, said, “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.”

About Saksoft Limited 

Saksoft Ltd offers business intelligence and information management solutions primarily to mid-tier companies based in the USA and the UK.

On June 13, 2024, the share price of Saksoft Ltd opened at ₹268.50, touching the day’s high at ₹298.73, as of 9:35 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.