C. E. Info Systems Limited completed the acquisition of 20% stake in Indrones Solutions Private Limited.
May 15, 2023
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C. E. Info Systems Limited (NSEI:MAPMYINDIA) Agreed to acquire 20% stake in Indrones Solutions Private Limited for INR 70 million on January 31, 2023. Indrones Solutions Private Limited Reported turnover of INR 22 million in FY 2022. As of January 31, 2023, the board of C. E. Info Systems Limited approved the transaction. The transaction is expected to close within 3-6 months. As of February 10, 2023, C. E. Info Systems acquired 11.11% stake in Indrones Solutions, representing 1,477 Compulsorily Convertible Preference Shares.
C. E. Info Systems Limited (NSEI:MAPMYINDIA) completed the acquisition of 20% stake in Indrones Solutions Private Limited on May 16, 2023. As on May 16, 2023, C. E. Info Systems completed second tranche of acquisition by acquiring 1,478 Compulsorily Convertible Preference Shares.
CE Info Systems Ltd. is an India-based provider of digital maps, geospatial software and location-based Internet of things (IoT) technologies. The Company's segment is Map data and Map data related services. Its business mainly consists of products like digital map data, GPS navigation and location-based services, licensing, royalty, annuity, subscription and customizing its products for customers. It offers digital maps as a service, software as a service and platform as a service, including its digital map data, software products, platforms, application programming interfaces (APIs), IoT and solutions to tech companies, large businesses, automotive original equipment manufacturers, government organizations, developers, and consumers. The Company's geographic information system and geo-analytics platforms include Insight and mGIS. These consist of location-based APIs capable of ingesting, processing, publishing, visualizing, and analyzing geospatial data to provide locations.