iVIS International merges with its parent company Magellanic Cloud

Magellanic Cloud (BSE: MCLOUD), a leading provider of innovative technology solutions, today announced the completion of acquisition of its wholly-owned subsidiary, iVIS International India Private Limited, into the Magellanic Cloud brand. This strategic merger will streamline Magellanic Cloud's operations by integrating iVIS directly into the company structure. This move signifies a significant step forward in Magellanic Cloud's growth trajectory and further strengthens its position in the surveillance and ITES sectors.

iVIS International plays a vital role in Magellanic Cloud's operations, contributing nearly 25% to the company's consolidated revenue. Renowned for offering state-of-the-art intensive vigilance and AI/ML-enabled intervention systems, iVIS caters to a diverse clientele across various sectors. With a strong presence in over 20,000 sites in India, their expertise lies predominantly within the banking sector, making them a valuable asset to Magellanic Cloud's service portfolio. The merger will have no bearing on Magellanic Cloud investors.

Commenting on the merger, Mr. Joseph Reddy Thumma, CEO of Magellanic Cloud, stated, "This strategic merger of iVIS with Magellanic Cloud represents a significant milestone for us. By bringing iVIS directly under our umbrella, we gain the exceptional opportunity to leverage their proven expertise and extensive market reach while optimizing resource allocation. The combined entity will emerge as a stronger force, offering clients a wider range of comprehensive solutions."

Shares of Magellanic Cloud Ltd was last trading in BSE at Rs. 602.85 as compared to the previous close of Rs. 616.00. The total number of shares traded during the day was 49782 in over 1493 trades.

The stock hit an intraday high of Rs. 634.40 and intraday low of 600.00. The net turnover during the day was Rs. 30260023.00.

Source : Equity Bulls

Keywords

MagellanicCloud INE613C01018 Merger iVISInternational