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Glodyne Technoserve acquires Comat Technologies
By siliconindia
Mumbai: Mumbai-based Glodyne Technoserve, a technology infrastructure management services provider and an e-governance managed services space, acquired Comat Technologies.
Comat Technologies is a social enterprise in the business of delivering essential Government and Private services to rural India. It provides easy access to essential information and transformational services. They are focused on revolutionizing the lives of rural citizens by providing access and delivery of citizen records and entitlement benefits on behalf of the government, employability training and job creation, supplemental educational services and access to formal financial and insurance services.
The acquisition will be done on cash basis and there would be no equity dilution for the same. The acquisition is subject to completion of the customary closing conditions. Post the closure, Comat will operate as a subsidiary of Glodyne. Prime Securities acted as the sole advisor to the transaction.
Established in 1996, they have reached over 10 million rural customers and provided first time employment to over 20,000 people in Rural India. In addition to delivery of services, Comat has worked with Government in re-engineering processes and using technology to bring efficiency and cost savings to the Government. They have been involved with piloting and subsequently scaling the UID initiative in several states. They have been recognized for their work and over the years won several accolades including Legatun Fortune Technology Prize, NASSCOM Innovation Award and Deloitte Fast 50 award.
Glodyne Technoserve is a Technology IMS company that has built rich experience in the geographies it serves while constantly exceeding delivery expectations of its customers. It leverages its comprehensive India and North America services footprint with a well established and well proven bouquet of managed infrastructure services offerings to improve availability and efficiency of its customer's IT assets. It has been implementing large technology-led social initiatives in the areas of MNREGS, financial inclusion, empowerment of the unorganized workforce, etc. It recently received the prestigious 'Best under a Billion'- Asia Pacific 2010 award by Forbes magazine. It has also received the 'Maharashtra IT Award 2010' for outstanding contribution to the State. It has been a consistent winner of Deloitte Technology Fast India and Asia Pacific 2010, 2009, 2008, 2007 and 2005 programs.
This acquisition will help Glodyne expand its reach in new states and add several key partnerships and relationships with governments for providing citizen centric programs. Comat has implemented PDS program that encompasses complete computerization of the Food and Civil Supplies department.
Experience of Comat will provide space for further improvements in efficiencies and delivery excellence to Glodyne as it continues to pursue large public-private partnership based projects. "Glodyne has been a pioneer in implementing transformational e-governance projects in the country. Comat brings on-the-ground experience of having worked on providing services for millions of rural citizens. Together with our technology and service offerings, we believe tremendous value can be created for all constituents," said Annand Sarnaaik, CMD of Glodyne Technoserve.
Comat is a venture funded company and includes premiere investors such as Omidyar Network, Elevar Equity and Avigo Capital. Ravi Rangan, Founder and Vice Chairman, Comat Technologies says, "As a leading social enterprise, Comat has created huge impact on the ground serving millions of rural citizens. We believe that the philosophy we set out in building the enterprise has remained over the years and together with Glodyne, we can increase our social impact foot print."
