Magellanic Cloud completes acquisition of iVIS Intl India

Magellanic Cloud, a software program growth and digital transformation options firm, has mentioned it accomplished the acquisition of its wholly-owned subsidiary, iVIS Worldwide India Non-public Ltd into Magellanic Cloud model.

“This strategic merger will streamline Magellanic Cloud’s operations by integrating iVIS immediately into the corporate construction. This transfer will strengthen our place within the surveillance and ITES sectors,” Joseph Reddy Thumma, CEO of Magellanic Cloud, mentioned in an announcement on Friday.

iVIS Worldwide contributes about 25 per cent to the corporate’s consolidated income. 

The merger could have no bearing on Magellanic Cloud traders.

Within the fourth quarter of FY24, the corporate reported web revenue of ₹39.43 crore towards ₹18 crore within the comparable quarter final 12 months. It registered a complete earnings of ₹152.12 crore (₹116.97 crore)r.

For the monetary 12 months 2023-24, it posted a web revenue of ₹103 crore (₹74.10 crore) on a complete earnings of ₹578 crore (₹446.57 crore).