Glodyne Technoserve acquires Comat Technologies

MUMBAI: Mumbai-based technology infrastructure company Glodyne Technoserve acquired Bangalore-based Comat Technologies in an all cash deal to include financial inclusion drive in their portfolio and to increase the company's foothold in e-governance projects thereby reducing competition. The company did not disclose the size of the deal. Glodyne is in the e-governance solutions space with NREGA (National rural employment government act) Comat technologies also works in the same sector with the government of Karnataka and State Bank of India for UID projects.

Comat has experience of providing e-governance services across eleven states in the country. Comat is a venture funded Company and includes premier investors such as Omidyar Network, Elevar Equity and Avigo Capital.The acquisition will be done on cash basis and there would be no equity dilution for the same. The acquisition is subject to completion of the customary closing conditions. Post the closure Comat will operate as a subsidiary of Glodyne.


The annual revenue of Comat is close to Rs 27 crores “Glodyne has been a pioneer in implementing transformational e-governance projects in the country. Comat brings on-the-ground experience of having worked on providing services for millions of rural citizens. Together with our technology and service offerings, we believe tremendous value can be created for all constituents" said Annand Sarnaaik, CMD of Glodyne Technoserve.

“We believe that the philosophy we set out in building the enterprise has remained over the years and together with Glodyne, we think we can increase our social impact foot print" said Ravi Rangan, founder and vice chairman, Comat Technologies.