Orion Innovation acquires Sryas Inc for an undisclosed sum

Digital transformation and product development services firm Orion Innovation has acquired global technology company Sryas Inc for an undisclosed sum, a top official said on Friday.

The 100% acquisition has been completed, and Sryas Inc has become a subsidiary, Orion Innovation CEO and President Raj Patil said.

"The transaction has been completed as of Thursday, and it (Sryas) has been fully acquired," Patil said.

Following the acquisition, Sryas Inc President and CEO Vish Ramesh would join the board of Orion Innovation. Sryas adds more than 550 associates to Orion, including engineers in India, Canada, Mexico, and the Philippines. The acquisition would increase the headcount to about 7,000 associates and the presence of 12 major global delivery centres for the companies.

"Vish (Ramesh) will continue to be the CEO and President. Sryas Inc becomes a 100% subsidiary," Patil said.

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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."

The acquisition brings in 'agility' and scale', said Patil responding to a query on the acquisition and the company would focus on bringing its services, including telecom, financial and professional services, pharmaceutical, 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.

With the acquisition, he said, Orion Innovation would be able to serve customers in India and Canada, while Sryas would be able to serve in the Latin American market and the United States, where Orion Innovation has a stronger presence.

According to International Data Corporation, 95% of Indian companies plan to maintain or increase their spending on digital transformation in 2023, and the total spend is projected to reach $85 billion by 2026.

With Orion Innovation's acquisition of Sryas, its presence in India, particularly in the data and analytics space and telecom sector, is expected to further strengthen, the company said.

"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.

Orion Innovation is a portfolio company of One Equity Partners, a middle-market private equity firm focused on building market-leading companies by identifying and executing transformative business combinations, the company said.