Orion Innovation: Orion Innovation acquires Sryas Inc for ‘undisclosed amount’

Digital transformation and product development firm Orion Innovations acquired a global technology company Shrias Inc. for an “undisclosed amount,” a senior official said Friday. The 100% acquisition was “completed” and Sryas Inc became a subsidiary, Orion Chief Innovation Officer and President Raj Patil said here.

“The transaction was completed as of Thursday and This (Sryas) is fully acquired,” Patil told reporters.

Following the acquisition, Vish Ramesh, President and CEO of Sryas Inc, will join the board of directors of Orion Innovation. Srias adds more than 550 employees to Orion, including engineers in India, Canada, Mexico and the Philippines. The acquisition will increase headcount to approximately 7,000 employees and 12 major global delivery centers for companies.

“Vish (Ramesh) will remain CEO and President. Sryas Inc will become a wholly owned subsidiary,” said Patil.

When asked, he said, “Our customer base is primarily in North America. We want to bring our services to the Indian market. Sreyas has about 340 employees in Chennai.”

The acquisition brings “flexibility” and scale, Patil said when asked about the acquisition, and the company will focus on delivering its services, including telecommunications, financial and professional services, pharmaceuticals and higher education, among other markets.

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“Telecom accounts for 25 percent of revenue, followed by financial and professional services, sports and the environment, education…,” Patil said of Orion Innovation’s contribution to the segment’s revenue. After the acquisition, Orion Innovation will be able to serve customers in India and Canada, while Sryas will be able to serve the Latin American and US markets, where Orion Innovation has a stronger presence, he said.

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

With Orion Innovation’s acquisition of Sryas, its presence in India, especially in the data and analytics and telecommunications sectors, is expected to be further strengthened, the company said.

“This merger is another step towards building a geographically balanced presence in the Americas, Europe and Asia Pacific. We are delighted to welcome Vish and the entire Srias team to Orion,” said Patil.

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

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