Tokyo: Meritech Co., Ltd., Japan said on Friday the Jan 8, 2021 that it will acquire majority stake in Bangalore-based Eoxys Systems India, which provides engineering services and solutions for IoT; through its subsidiary Meritech Software Private Limited in India.
Meritech Software Private Limited ("Meritech" ) will acquire the majority stake of Eoxys Systems India Private Limited ("Eoxys" ) in all cash deal with undisclosed amount.
Meritech is a leading Telecommunication Testing & Measurement solutions provider and IoT solutions company in Japan with its R&D center in India. Meritech has made this acquisition to build up and flex a newer arm of its business: IoT Solutions. Today, the company announced that it is buying Eoxys, an engineering company based out of Bangalore, India, which builds IoT and cloud-based solutions aimed at carriers and enterprises. The financial terms of the deal were not disclosed.
Meritech and Eoxys, which are privately held companies and do not have any outside investor(s), already had a relationship for the last few years. The Japanese company has been working with Eoxys for building its IoT products and services for Japanese carriers and enterprise users in the cellular IoT space.
All employees and current customers of Eoxys will continue to remain so.
"Eoxys is delighted by the opportunity to become part of the Meritech," said Prabhakar Annavi, CEO of Eoxys. "Joining hands with Meritech will provide us with unique ability to contribute towards this large industry movement and create a highly innovative IoT ecosystem. We look forward to being a part of this journey."
"This acquisition will enable Meritech to strengthen its footprint in the IoT space. Eoxys will help bolster Meritech's market share in Cellular IoT, especially NB-IoT and industrial IoT. We are excited to make Eoxys part of Meritech group and will continue to invest more in Cellular IoT market space", said Harish Sachdeva, Group CEO of Meritech.