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G7 CR Tech India acquires its UAE-based firm for $6.5 million

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The Economic Times
24th May, 2022 22:48 IST

New Delhi: Cloud services provider G7 CR Technologies India on Tuesday said it has acquired its UAE-based firm G7 CR MEA LLC for $6.5 million (about Rs 50 crore) in line with the company's plan to expand business in that region.

The move comes after the board of G7 CR Technologies India approved the acquisition of the Dubai-based company, in which its managing director (MD) and chief cloud architect Christopher Richard was holding a 49% stake at his individual capacity while his middle-east partner Ibrahim had a controlling stake of 51%.

The acquisition was completed after the 51% stake was bought out from Ibrahim for $6.5 million and the entity was merged with G7 CR Technologies India Pvt Ltd to become one of its subsidiaries.

"It's a strategic acquisition for G7 CR Technologies India, as it will not only provide access to newer businesses in this region and adjoining continents but will also provide operational advantage to our existing clients," Richard said in a statement.

G7 CR Technologies, which focuses on small and medium businesses, startups and independent software vendors, claims to have an annual turnover to the tune of $60 million.

"The latest acquisition is part of the expansion plan of the company which further plans to acquire companies in Africa, Europe, UK and the US and help businesses adopt swift and agile digital cloud transformation," the statement said.

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