Cressanda Solutions acquires Lucida Technologies, forays into AI / ML

BSE listed Cressanda Solutions Limited. (BSE: 512379), is set out to build an innovation to projects global business with technology and software services at its core. The goal of this core technology and software services business is to create cutting edge in-house competencies and cater to the demanding developed technology consumption markets. The company is focused on the European and the American markets now and will later expand to the Asia-Australia market.

Cressanda's goal is to become a one-stop entity that delivers high end technology solution to its global customers. The company's global operations create customer intimacy through in-situ project and account management, its operations in India deliver these projects in the most resource efficient manner.

To augment its market and business delivery position in line with its strategy, Cressanda Solutions Ltd. have signed a non-disclosure and LOI with Bangalore based Lucida Technologies to acquire 100% of the issued and outstanding equity interests of Lucida and its subsidiaries.

Lucida Technologies is a Bangalore based digital technology company specializing in providing development and support services in leading edge technologies such as data analytics, artificial intelligence/ machine learning (AI/ML), full stack, mobile and Robotic Process Automation (RPA). Lucida caters to multiple clients located in India, Malaysia, Singapore, the USA, the UK, spanning across various domains and industries. Lucida reported an annual revenue of Rs. 8.95 Crores as per the latest audited financial statements as on March 31, 2022.

Lucida partners with its clients to ideate and develop quality products and solutions that leverage their own industry-domain expertise and marries it to their proven technology capabilities. Lucida has extensive experience in architecting, building, and supporting business critical technology platforms.

Both Cressanda and Lucida have great synergy opportunities to leverage scale and deepen the existing customer relationships with a wider array of technology and services offering.

Shares of CRESSANDA SOLUTIONS LTD. was last trading in BSE at Rs. 42.50 as compared to the previous close of Rs. 40.50. The total number of shares traded during the day was 4901931 in over 32614 trades.

The stock hit an intraday high of Rs. 42.50 and intraday low of 41.50. The net turnover during the day was Rs. 207060739.00.

Source : Equity Bulls

Keywords

CRESSANDASOLUTIONS INE716D01033 Acquisition LucidaTechnologies AI ML