R Systems International Limited (NSEI:RSYSTEMS) entered into definitive agreement to acquire Velotio Technologies Pvt Ltd for INR 2.8 billion on June 7, 2023. The existing shareholders of Velotio also hold optionally convertible redeemable preference shares and R Systems may at a later stage, as may be approved by the Board, acquire such OCRPS, subject to the terms and conditions set out in the shareholders agreement. Velotio reported turnover of INR 1.3 billion and net worth of INR 330 million in financial year 2022-2023. Kalpak Shah (Co-Founder and CEO, Velotio) and Chirag Jog (Co-Founder and CTO, Velotio), and the rest of the Velotio team, will join the combined business to drive its next phase of growth. The transaction is subject to customary closing conditions and fulfilment of the conditions precedent as set out under the share purchase agreement. Technology Holdings acted as the exclusive financial advisor to Velotio Technologies Pvt Ltd. Gautam Singh, Kushal Ramotre and Preeti Kumari of TriLegal Partners acted as legal advisors to Velotio Technologies Private Limited and its existing shareholders.

R Systems International Limited (NSEI:RSYSTEMS) completed the acquisition of Velotio Technologies Pvt Ltd on July 3, 2023.