Acquisitions5 Mar 2025, 08:39 am
Coforge Ltd. to Acquire Rythmos Inc. and TMLabs Pty Ltd. in IT/ITes Deals
AI Summary
Coforge Ltd. has agreed to acquire all outstanding shares of Rythmos Inc. and TMLabs Pty Ltd. through its wholly owned subsidiaries, Coforge Inc. and Coforge Technologies Australia Pty Ltd., respectively. The Rythmos Transaction is expected to be completed by March 31, 2025, and involves a cash payment of $30.0 million upfront with an additional earnout amount based on revenue and EBITDA targets. The TMLabs Transaction requires FIRB Approval and is expected to be completed by March 31, 2025, with an initial upfront purchase consideration of AUD 20 million and an additional earnout amount based on revenue and EBITDA targets.
Key Highlights
- Coforge Ltd. to acquire Rythmos Inc. and TMLabs Pty Ltd. for enhancing data practice, cloud engineering capabilities, and growth in Healthcare vertical and Australia market.
- Rythmos Inc. has a turnover of INR 2,204 million (USD 25.3 million) for the calendar year ended December 31, 2024.
- TMLabs Pty Ltd. has a turnover of AUD 11.0 million (INR 608 million) for the financial year ended June 30, 2024.
- Rythmos Transaction to be completed by March 31, 2025, and TMLabs Transaction requires FIRB Approval and expected to be completed by March 31, 2025.
- Cash consideration for both transactions: Rythmos - $30.0 million, TMLabs - AUD 20 million