IT services provider, Magellanic Cloud, has acquired 100 per cent of the shares of IVIS International Private Limited and 100 per cent of the shares of Provigil Surveillance Limited, subject to completion of closing conditions as specified in a Share Purchase Agreement (SPA) between the companies, by way of cash consideration valued approximately at INR.290,27,93,405 and INR 35,97,00,000 respectively, subject to closing adjustments based on Share Purchase Agreement.
Magellenic Cloud is acquiring these two companies to expand the range of services that it provides. This acquisition will add electronic surveillance to Magellanic Cloud’s portfolio and will help expand its security solutions offering to enterprises, the company said.
IVIS and Provigil, are AI/ML and IOT technology enabled e-surveillance companies started by a group of entrepreneurs with experience in the network and surveillance domain in the US/UK/Canada. Their mission is to provide state-of-the-art technology that provides e- surveillance systems to prevent theft, vandalism, compliance checks & real-time deviation detection, as well as business and operational insights that such data can readily provide.
For example, the software can identify bottlenecks in customer flow in retail stores which could suggest alternative product placement to optimise profits. They have been providing these services to several leading brands. The company is already serving over 20,000 sites in India. Magellenic Cloud plans to modify the software so that it will work for many other business use cases.
“We are excited to announce the acquisition of IVIS and Provigil, a leader in technology-based e-surveillance industry, and happy to include them in our fold. We provide innovative technology solutions to a diverse group of industries. We take pride in being at the cutting edge of technology and providing the latest digital solutions using AI, ML and IoT to help companies accelerate their journey of digital transformation. The addition of IVIS and Provigil is another feather in our cap as digital security solutions are an essential part of digital transformation,” said Joseph Sudheer Reddy Thumma, CEO of Magellanic Cloud.
“This partnership has come at a time when enterprises are focused on all-around digital transformation. IVIS specialises in providing cutting edge surveillance solutions using AI and IOT technologies that include video surveillance, sensors, and deterrents, providing a virtual defence mechanism for properties / assets,” said Murali Mohan Rachapoodi, CEO of IVIS and Provigil.
Mohan further added that it is extremely effective as it not only reports the theft but also prevents the same without any human intervention. Factories, shops, properties, and facilities would benefit from this system as it would provide them with adequate security, video analytics and business intelligence to enterprises without the need to hire resources. We are eagerly anticipating this new move to contribute to our growth trajectory.