Magellanic Cloud Limited has officially issued a Letter of Intent (LOI) to acquire a leading Indian-based fintech company. The proposed acquisition, valued at INR 32 Crores, is subject to the successful completion of the ongoing due diligence process.
The company aims to finalize the Share Purchase Agreement (SPA) by March 15, 2025. All final terms and conditions, as outlined in the LOI, will need to be accepted before the deal is sealed.
In the meantime, the company is set to invest over ₹300 crore on acquiring a US-based technology company and 4-5 smaller firms in 2025-26.
Joseph Sudheer Thumma, Managing Director & Global CEO, confirmed that the company is finalizing a ₹200 crore deal with a US firm, expected to close by May 2025. The acquisition will be funded using ₹100 crore from internal accruals, with the remainder raised through a preferential or QIP issue.
Additionally, the company plans to acquire smaller firms to expand its service offerings, client base, and global presence. With these acquisitions, Magellanic Cloud anticipates a 15-20% growth in the next financial year, with an even higher growth rate in 2025-26.
