Tokyo Stock Exchange-listed TechnoPro has signed an agreement to acquire Udupi-based Robosoft Technologies.
Post the transaction, Ravi Teja Bommireddipalli will continue as the chief executive officer of Robosoft Technologies. Bommireddipalli has also been elevated to the post of managing director of the Kalaari Capital and Ascent Capital-backed startup.
It, however, did not reveal details of the transaction.
A person familiar with the development told VCCircle that the transaction was worth Rs 800 crore ($107 million).
Bommireddipalli said that the acquisition will provide Robosoft new opportunities to grow in Japan while continuing to expand in our core markets of the US, Europe and India.
Robosoft was started way back in 1996 by Rohith Bhat as a games developer for desktops, but later adapted to mobile devices during 2008. The company now positions itself as a full-service digital transformation company with services including product advisory, design, engineering and analytics.
It has delivery centres in Mumbai and Bengaluru and sales offices in the US and Japan.
Robosoft had first raised $3.94 million from Kalaari Capital in 2013. It had also raised venture debt the same year from InnoVen Capital.
In 2015, it raised $12 million (Rs 75 crore) in Series B round led by private equity firm Ascent Capital.
The round also saw existing investor Kalaari Capital bring in more money.
Takeshi Yagi, president, representative director and CEO, TechnoPro, said that it will work in close collaboration with Robosoft in the company’s next phase of growth.
TechnoPro Holdings is a holding company of TechnoPro Group, which specialises in IT, engineering and research and development.
GCA acted as exclusive financial advisor to Robosoft and its shareholders on the deal.