Black Box Limited has announced the acquisition of 2S Inovações Tecnológicas (“2S”), a leading Brazilian IT infrastructure and managed services integrator, in a deal valued at around ₹275 crore. The transaction, executed through BLACK BOX DO BRASIL INDÚSTRIA E COMÉRCIO LTDA., a step-down subsidiary of the company, is expected to close by the end of March 2026, subject to customary closing conditions and approvals.
The acquisition was disclosed under Regulation 30(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Deal Structure and Consideration
The transaction involves the acquisition of 100% equity stake in 2S for a cash consideration of approximately ₹275 crore. The amount will be payable at closing, subject to working capital adjustments. The agreement also includes additional deferred payments and earn-outs linked to performance over the next two years.
The company clarified that the acquisition does not fall under related party transactions, and no promoter or promoter group entities have any interest in 2S.
About 2S Inovações Tecnológicas
Founded in 1992 and headquartered in São Paulo, Brazil, 2S has over 35 years of legacy in the Brazilian technology market. The company operates as a full-service solutions integrator, offering end-to-end IT infrastructure, cloud, cybersecurity, and managed services solutions.
2S currently employs approximately 230 professionals and reported revenue of US$ 53 million for the year ended December 31, 2024, as per Brazil GAAP. Its revenue trajectory over the past three years reflects steady growth:
Revenue for the year ended December 2022 stood at approximately US$ 34 million.
Revenue for the year ended December 2023 increased to around US$ 50 million.
Revenue for the year ended December 2024 further rose to approximately US$ 53 million.
The company primarily serves private-sector clients across Global Enterprise, Enterprise, Mid-market, and Small and Medium Business segments in Brazil.