NEW DELHI, June 1: AGC Networks Limited, a part of Essar Group, will acquire Fujisoft (along with its associated companies in UAE) through its indirect subsidiary – Black Box Holdings Ltd, a move that will strengthen AGC’s presence and offerings in the Middle East and Africa (MEA) region.
The proposed acquisition will also enhance the current solution portfolio of AGC and Black Box across cloud computing and virtualisation, cyber security, managed services, data centre and collaboration solutions, a statement said.
Financial details of the proposed deal were not disclosed.
According to sources, AGC’s revenue is close to USD 700 million, while that of Fujisoft is about USD 13-14 million.
“This acquisition accelerates our expansion in MEA region. In our pursuit to remain the customer’s trusted partner in providing technology solutions and services, the combination of Fujisoft and AGC will strengthen our relationship and relevance with our combined customers in the region,” Sanjeev Verma, Executive Director and CEO of AGC Networks and President and CEO of Black Box Corporation, said.
Albert Raj, Managing Director of Fujisoft, said the acquisition is a logical next step that creates substantial value for customers and stakeholders of both AGC and Fujisoft.
“It will truly benefit customers and business partners through expanded product portfolio and service excellence in the Middle East region and beyond,” he added.
The proposed acquisition is subject to approval from the Department of Economic Development in Dubai and from Abu Dhabi Department of Economic Development.
“Operating within the restrictive parameters of Work from Home during the current COVID-19 times and under the new normal, this challenging and unique acquisition by AGC is in the wake of our focused approach on continuing to be at the forefront to offer the best technology solutions and services in the various markets that we operate in,” Rohit Himatsingka, Vice President and Head Corporate Development and Strategy at AGC Networks, said. (PTI)
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