“The transaction has been completed as of Thursday and it (Sryas) has been fully acquired,” Patil told reporters.
Following the acquisition, Sryas Inc President and CEO Vish Ramesh would join the board of Orion Innovation. Sryas adds more than 550 associates to Orion, including engineers in India, Canada, Mexico and the Philippines. The acquisition would increase the headcount to about 7,000 associates and presence of 12 major global delivery centres for the companies.
“Vish (Ramesh) will continue to be as the CEO and President. Sryas Inc becomes an one hundred per cent subsidiary,” Patil said.
To a query, he said, “our customer base are mostly in North America. We want to bring our services to the Indian market. Sreyas has about 340 employees in Chennai.”
The acquisition brings in ‘agility’ and scale’, said Patil responding to a query on the acquisition and the company would focus on bringing its services including telecom, financial and professional services, pharmaceutical and higher education among others to various markets.
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“Telecom accounts 25 per cent of the revenue followed by financial and professional services, sports and environment, education..”, Patil said on the segment wise revenue contribution of Orion Innovation. With the acquisition, he said Orion Innovation would be able to serve customers in India, Canada while Sryas would be able to serve in Latin American market, United States were Orion Innovation has a stronger presence.
According to International Data Corporation, 95 per cent of Indian companies plan to maintain or increase their spending on digital transformation in 2023 and the total spend is projected to reach USD 85 billion by 2026.
With Orion Innovation’s acquisition of Sryas, its presence in India, particularly in the data and analytics space and telecom sector is expected to further strengthen, the company said.
“This merger is another step in building a geographically balanced footprint across the Americas, Europe, and APAC. We are excited to welcome Vish and the entire Sryas team to Orion,” Patil said.
Orion Innovation is a portfolio company of One Equity Partners, a middle market private equity firm focused on building market-leading companies by identifying and executing transformative business combinations, the company said.
