G7 CR Tech India buys its Dubai-based company for $6.5 million

G7 CR Tech India’s move comes after the board of directors approved the acquisition of the Dubai-based firm, in which managing director and chief cloud architect Christopher Richard held a 49% personal stake and his Middle Eastern partner Ibrahim a 51% controlling stake.

G7 CR Technologies India NSE -4.99%, a cloud services provider, announced on Tuesday that it has purchased its UAE-based firm G7 CR MEA LLC for $6.5 million (about Rs 50 crore), as part of its aim to expand its operations in the area.

The action comes after the board of G7 CR Technologies India approved the acquisition of the Dubai-based firm, in which its managing director (MD) and chief cloud architect Christopher Richard held a 49% personal ownership and his Middle Eastern partner Ibrahim held a 51% controlling stake.

After Ibrahim sold his 51% ownership for $6.5 million, the company was amalgamated with G7 CR Technologies India Pvt Ltd and became one of its subsidiaries.

“It’s a key purchase for G7 CR Technologies India,” Richard said in a statement, “since it will not only provide access to newer businesses in this region and adjacent continents, but it will also provide an operational advantage to our existing clients.”

G7 CR Technologies claims to have a $60 million yearly turnover, focusing on small and medium businesses, startups, and independent software sellers.

“The company’s recent acquisition is part of its expansion plan, which includes intentions to acquire companies in Africa, Europe, the United Kingdom, and the United States, as well as assist businesses in adopting rapid and agile digital cloud transformation,” according to the statement.