Saints & Masters expands multi-cloud play with Xencia acquisition

Technology advisory and execution firm Saints & Masters (S&M) has acquired Bengaluru-based Microsoft solutions partner Xencia Technology to strengthen its multi-cloud capabilities.

The deal comprises a mix of equity, debt and share swap, and follows S&M's earlier acquisition of AWS partner Nubinix Technologies in March. The combined entity now has a post-money valuation of Rs 300 crore.

The transaction was structured as 50% cash, paid through equity and debt, with no debt extended to Xencia Technology, and 50% as a share swap with S&M shares allotted to Xencia Technology's promoters. The deal closed on June 26.


Founded in 2021, S&M is a business-to-business technology consultancy with more than 300 practitioners across eight countries. It helps enterprises implement and manage cloud, artificial intelligence (AI), data and cybersecurity solutions using platforms such as Microsoft and AWS.

"AWS and Microsoft together account for about 50% of the cloud ecosystem, making expertise across both platforms critical. That's why we identified Xencia and Nubinix as our strategic acquisition targets,”company executives told ET.

With the acquisition, the company plans to expand operations by adding teams in Bengaluru, Kochi and Chennai, while increasing revenue from overseas markets including the UK, Australia and Serbia.

“Partnerships with the largest providers — Microsoft, AWS, GCP and Oracle — are important to us. Enterprises typically run a multi-cloud structure using Microsoft and AWS together, so we wanted partnerships across all of them,” said, Jaikrishnan G, CEO of Saints & Masters.

S&M works with enterprises across banking, financial services and insurance, ecommerce and manufacturing, among other sectors. While banks have been slower to adopt cloud services, ecommerce players have moved faster, Jaikrishnan said.

He said Xencia Technology's Microsoft cloud expertise would strengthen S&M's multi-cloud AI capabilities, enabling the combined entity to help enterprises modernise their technology infrastructure and deploy AI at scale.

Established in 2010, Xencia Technology has built deep expertise in Microsoft technologies, holding eight Microsoft advanced specialisations across app modernisation, security, modern work, Azure infrastructure, data and AI. The firm is ISO 27001, SOC 2 Type 2 and PCI DSS certified, making it one of India's most credentialed Microsoft partners, said S&M in a release.

Xencia counts more than 500 cloud customers and over 150 Azure-certified professionals, and has completed more than 80 large data centre migrations.

The S&M has reported revenue of Rs 240 crore in FY26, with a net profit of Rs 24 crore. It aims to scale its Microsoft Cloud business to Rs 1,000 crore in revenue over the next few years.