New Delhi, May 2 (SocialNews.XYZ) Digital services and solutions provider Coforge on Thursday announced the acquisition of Cigniti Technologies that will create three new scaled-up verticals -- retail, technology, and healthcare.
Coforge said that the acquisition, for which financial details were not disclosed, will not only help it grow to $2 billion by FY27 but "equally ensure that Coforge’s operating margins improve by 150-200 bps by FY27 itself".
According to the company, the acquisition will also help it realise its objective of scaling up its presence across South-West, Midwest and Western US markets.
The company posted revenue of around Rs 9,179 crore in FY24, up 11.7 per cent while profit after tax (PAT) was Rs 808 crore for the year, up 16.5 per cent (year-on-year).
"FY24 was an exemplary year where the firm grew 13.3 per cent in CC organic terms, thus becoming one of the very few firms across the industry that was able to deliver on the annual growth guidance given at the beginning of FY24," said Sudhir Singh, CEO, Coforge.
"The $400 million TCV deal signed in Q4, the 56 per cent YoY increase in order intake and the 102-bps sequential margin improvement in Q4 set us up strongly to deliver robust growth in FY25 with expanded margins," he added.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz