Cigniti Technologies Ltd, a Hyderabad-based software testing services firm, has signed an agreement to acquire US-based Gallop Solutions, also operating in the same space, for an undisclosed amount, as per a stock exchange disclosure.
The acquisition will enable Cigniti Tech to bring in new clients.
Akasam Consulting Pvt Ltd acted as an investment banker and sole advisor to the transaction.
Founded by Manohar Reddy and Mahendra Alladi, and headquartered in Irving, Texas, Gallop Solutions Inc specialises in managed staffing services, test automation, agile automation, application software, HP quality centre training, test asset modernisation, virtual centre of excellence and global delivery model. It also runs a Hyderabad-based offshore technology centre.
Cigniti Technologies (formerly Chakkilam Infotech Ltd) was founded in 1998 and caters to multiple domains including technology, financial services, retail, travel, healthcare and telecommunication.
In 2011, Chakkilam Infotech acquired US-based Cigniti Inc in an all-stock deal. Post the acquisition, it re-branded to Cigniti Technologies Ltd. The company went public in 2004 and is now listed on the BSE. Cigniti also raised Rs 12 crore through a preferential allotment towards the end of last year.
In March this year, the firm said it was looking to raise $10 million, either through a preferential allotment to the existing shareholders or through a private equity placement for its growth plans.
(Edited by Sanghamitra Mandal)