Magellanic Cloud has acquired 100% shares of IVIS International Private Limited, 100% shares of Provigil Surveillance Limited, subject to completion of closing conditions as specified in Share Purchase Agreement(SPA), by way of cash consideration approximate of INR.290,27,93,405 and INR 35,97,00,000 respectively, subject to closing adjustments based on Share Purchase Agreement., intending to expand the range of services it provides. This acquisition will add electronic surveillance to Magellanic Cloud’s portfolio and will help expand its security solutions to enterprises
Magellanic Cloud works in the digital space and is at the forefront of providing innovative technology solutions to a gamut of industries. They have tie-ups with multiple brands and have offices in multiple locations in Asia, Europe, and the USA. Mcloud aims at providing quality software solutions for organizations that help accelerate their growth and resolve complicated issues.
IVIS and Provigil, are AI/ML and IOT technology enabled e-surveillance company, was started by a group of entrepreneurs who had experience in the Network and Surveillance domain in the US/UK/Canada with a mission to provide state-of-the-art technology that provides e-surveillance systems which prevents theft, vandalism, compliance checks & deviations, business, and operational insights. They have been providing these services to several leading brands. The company is already serving over 20,000 sites in India.