Orion Innovation, a digital transformation and product development services firm, has acquired Sryas Inc., a global technology company, for an undisclosed sum, a top official said on Friday.
According to Raj Patil, CEO and President of Orion Innovation, the 100% acquisition has been completed, and Sryas Inc. has become a subsidiary.
“The transaction has been completed as of Thursday, and it (Sryas) has been fully acquired,” Patil said.
Following the acquisition, Vish Ramesh, President and CEO of Sryas Inc., would join the board of Orion Innovation. Sryas adds more than 550 associates to Orion, including engineers in India, Canada, Mexico, and the Philippines. After the acquisition, the companies’ headcount would expand to nearly 7,000 workers and have 12 major global delivery centres.
“Vish (Ramesh) will continue to be the CEO and President. Sryas Inc becomes a 100% subsidiary,” Patil said.
He said, “Our customer base is mostly in North America. We want to bring our services to the Indian market. Sryas has about 340 employees in Chennai.”
In response to a query on the acquisition, Patil stated that it brings “agility” and “scale” and that the company will focus on offering its services, which include telecom, financial and professional services, pharmaceuticals, and higher education, among others, to various markets.
“Telecom accounts for 25% of the revenue, followed by financial and professional services, sports, environment, and education..”, Patil said on the segment-wise revenue contribution of Orion Innovation.
He said that Orion Innovation could serve customers in India and Canada with the acquisition. At the same time, Sryas could serve in the Latin American market and the United States, where Orion Innovation has a stronger presence.
The total amount spent on digital transformation is expected to reach $85 billion by 2026, with 95% of Indian companies planning to maintain or grow their spending in 2023, according to International Data Corporation.
The company said that Orion Innovation’s presence in India, particularly in the data and analytics sector and the telecom industry, is expected to grow following the acquisition of Sryas.
“This merger is another step in building a geographically balanced footprint across the Americas, Europe, and APAC. We are excited to welcome Vish and the entire Sryas team to Orion,” Patil said.
According to the company, Orion Innovation is a portfolio company of One Equity Partners, a middle-market private equity firm focused on developing market-leading companies by identifying and executing transformative business combinations.
