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Coforge's Inorganic Growth Strategy: Merger post-acquisition in target companies
M & A Critique
|March 2025
Coforge Limited in 2024 acquired a controlling stake in Cigniti Limited to quicken its journey to become a USD 2 billion company, after acquiring the controlling stake, Coforge has now announced a merger of Cigniti Limited with itself.
Cigniti Technologies Limited (“Cigniti” or “Transferor Company”) is engaged in the business of providing digital assurance and engineering (software testing) services across the world helping in predicting and preventing unanticipated failures, leveraging AI-driven, proprietary Continuous Testing & Test Automation solutions, which are platform and tool agnostic, thereby optimizing engagement for customer experience. The equity shares of Cigniti are listed on nationwide bourses. Coforge Limited holds circa 54% paid up capital of the Cigniti.
Currently, Cigniti is in the process of shifting its registered office from the state of Telangana to Haryana.
Coforge Limited (“Coforge” or “Transferee Company”) is engaged in delivering services around the world directly and through its network of subsidiaries and overseas branches. The company is engaged in application development & maintenance, managed services, cloud computing and business process outsourcing to organizations in a number of sectors viz. financial services, insurance, travel, transportation and logistics, manufacturing & distribution and government.
Coforge Limited was earlier NIIT Technologies Limited witnessed promoter change in 2019 when Baring Private Equity bought controlling stake of 70.10%. Soon after acquisition, Baring started selling its stake in tranches and took complete exit in 2023. Thereafter, the company is being managed professionally.
Currently, Coforge is in the process of shifting the registered office from NCR, Delhi to Haryana. The equity shares of Coforge are listed on nationwide bourses.
"After acquiring controlling stake last year, Coforge announced merger of Cigniti to fasten its journey to become a USD 2 billion company
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