Digital assurance and quality engineering services company Cigniti Technologies is acquiring AI/ML, data engineering, analytics and Blockchain services firm Aparaa Digital for $4.8 million.
Acquisition of Aparaa Digital, which operates under the brand name RoundSqr, is in line with "our strategy to expand digital engineering capacity to provide a greater breadth and depth of services. This is a strategic and complimentary capability led acquisition for us,” CEO Srikanth Chakkilam said.
The digital engineering market is valued around $300 billion annually and offers an explosive headroom of growth for companies that have strong capabilities in Data and Analytics, AI and ML and Cloud engineering. Global 2000, platform and digital native companies are looking to partner with service providers who can help them with these capabilities, he said.
Aparaa Digital was founded by a group of industry leaders with experience in managing medium to large digital transformation projects and headquartered out of Hyderabad, Cigniti said in a release on Wednesday.
Cigniti’s CFO Krishnan Venkatachary said the company’s board has approved acquisition of Aparaa Digital and its foreign subsidiaries — RoundSqr Inc in USA and RoundSqr Pty Ltd in Australia — for an all cash deal of $4.8 million. The acquisition of Aparaa, which is 95-people organisation and clocked $2.8 m in revenue during 2021-22, is expected to be completed by July 1.
