On July 18, 2024, Zensar Technologies Limited announced via a stock exchange filing that its wholly owned subsidiary Zensar Technologies Inc., USA, has signed an agreement to acquire 100% ownership of BridgeView Life Sciences, LLC.
The acquisition aims to bolster Zensar’s Healthcare and Life Sciences vertical. It enhances Zensar’s capabilities to offer comprehensive solutions to pharmaceutical, biotechnology, and medical device companies, leveraging a strategic partnership with Veeva Systems.
Related Party Transaction: The acquisition by Zensar Technologies Inc. is not considered a related party transaction. There are no interests from promoters or group companies involved, ensuring the transaction is conducted at arm’s length.
Industry and Business Focus: BridgeView operates in the technology consulting and system integration services sector, specifically serving the biopharma and life sciences industries.
Regulatory Approvals: No regulatory approvals are necessary for this acquisition.
Indicative Time Period for Completion: The acquisition is expected to be finalised within approximately 2-3 weeks.
Consideration: The acquisition will be made through cash consideration.
Cost of Acquisition: Zensar Technologies Inc. will pay USD 14.0 million upfront, with adjustments for working capital, debt, and cash at closing. An additional payment of up to USD 11.0 million may be made by December 31, 2027, contingent on meeting performance and employment continuity thresholds.
Percentage of Ownership Acquired: Zensar Technologies Inc. will acquire 100% of the membership interests in BridgeView Life Sciences, LLC.
BridgeView Life Sciences, LLC, formerly COEUS Solutions, LLC, was incorporated in March 2021 in Pennsylvania, USA. It specialises in providing advisory, transformation, and managed services to the biopharma and life sciences industries, with a significant partnership with Veeva Systems. In 2023, it generated approximately USD 12.9 million in revenue, with USD 11.0 million coming from its Services business.
Zensar Technologies, a prominent provider of digital solutions and technology services, is a subsidiary of the Mumbai-based RPG Group and is headquartered in Pune, India. The company operates in two main segments: Application Management Services and Infrastructure Management Services. Zensar serves various industry verticals, including high-tech & Manufacturing, Consumer Services, Banking, Financial Services, and Insurance (BFSI). It has a global presence with offices in India, the USA, the UK, Europe, and Africa.
On July 18, 2024, Zensar Technologies share price opened at ₹790.00, touching the day’s high of ₹801.85 as of 11:21 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.
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