Canarys Automations Limited (NSE: CANARYS), a global provider of digital and tech-driven solutions, has acquired a 51% ownership in Fortira Inc., a New Jersey-based company focused on Artificial Intelligence (AI), Machine Learning (ML), and data-centric services. The acquisition, finalized on April 15, 2025, marks a major step in Canarys’ broader strategy to expand its presence across North America.
Fortira Inc. was established by industry leaders Ananth Iyengar, Nanda Kanuri, Michael Zalepa, and Ramakrishna Kambhampati. With more than 15 years of experience, Fortira delivers advanced solutions to key sectors including banking and financial services, healthcare, and pharmaceuticals.
Commenting on the development, Sheshadri Srinivas, Executive Director and CEO of Canarys Automations Limited, said, “This move is a pivotal part of our strategy to enhance capabilities in AI, ML, and data technologies. Fortira’s market reach and strong client relationships in the U.S. complement our digital service offerings. This synergy will allow us to accelerate market entry and growth while delivering greater value to our clients. We see this partnership as a vital growth lever that also supports our long-term objectives in the region.”
The deal is based on an enterprise valuation of USD 5 million and was financed entirely through a combination of IPO proceeds, promoter-backed warrants, and internal reserves—underscoring Canarys’ disciplined financial approach and commitment to maintaining a debt-free balance sheet.
The company has outlined plans to acquire the remaining 49% interest over the next three years.This acquisition reinforces Canarys’ ambition to become a global force in technology services, while staying focused on innovation and client-driven outcomes.