Magellanic Cloud, a software development and digital transformation solutions company, has said it completed the acquisition of its wholly-owned subsidiary, iVIS International India Private Ltd into Magellanic Cloud brand.
“This strategic merger will streamline Magellanic Cloud’s operations by integrating iVIS directly into the company structure. This move will strengthen our position in the surveillance and ITES sectors,” Joseph Reddy Thumma, CEO of Magellanic Cloud, said in a statement on Friday.
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iVIS International contributes about 25 per cent to the company’s consolidated revenue.
The merger will have no bearing on Magellanic Cloud investors.
In the fourth quarter of FY24, the company reported net profit of ₹39.43 crore against ₹18 crore in the comparable quarter last year. It registered a total income of ₹152.12 crore (₹116.97 crore)r.
For the financial year 2023-24, it posted a net profit of ₹103 crore (₹74.10 crore) on a total income of ₹578 crore (₹446.57 crore).