Listed software services firm R Systems International Ltd said on Tuesday that it has acquired US-based digital services company Innovizant LLC for an undisclosed amount.
In a stock-market disclosure, R Systems vice president Ramneet Rekhi said that the acquisition has strengthened the company's digital practice with niche data analytics competencies and a marquee customer base in the financial services industry.
The acquisition has been made via the company’s US-based wholly-owned subsidiary R Systems, Inc.
R Systems further said that Innovizant's facilities in Chicago will be used as a Center of Excellence, which will focus on developing new business models that use technologies such as Internet of Things (IoT), artificial Intelligence (AI), data science, machine learning and robotics.
Innovizant principal partner Raj Gupta will now serve as president-digital business at R Systems.
Founded in 1993 by Satinder Singh Rekhi, R Systems provides software product engineering, digital and knowledge services and solutions across verticals including banking and finance, telecom and digital media, retail and e-commerce, healthcare, manufacturing and logistics.
Shares of the company were trading at Rs 49.9 apiece as of 2pm on Tuesday, up 2.46% from the previous close, in a flat Mumbai market.
R Systems had secured investments from Intel Capital and GE Capital in 2001 and 2002. The company had gone public in March 2006.
R Systems had last made an acquisition in 2012 when its subsidiary ECnet Ltd had acquired the enterprise resource planning (ERP) business of Singapore-based systems integration company Nikko Computer Systems (S) Pte Ltd for an undisclosed amount.
In 2014, R Systems had sold its entire stake in two overseas subsidiaries to Netherlands-based Customer Contact Management Group BV.