Zensar acquires UK-based Foolproof

Mumbai-based Zensar Technologies, an RPG group company on Wednesday said it has signed a definitive agreement to acquire UK-based Foolproof and its three wholly owned subsidiary companies in the UK and one wholly owned subsidiary company in Singapore for an undisclosed amount. Through the buyout Zenar is planning to strengthen its digital business.

“Zensar Technologies (UK), a wholly owned subsidiary Zensar Technologies, an RPG Company and the shareholders of Foolproof, announced that they have entered to a definitive agreement for Zensar to acquire Foolproof along with its three wholly owned subsidiary companies in UK and one wholly owned subsidiary company in Singapore for an undisclosed amount,” Zensar Technologies said in a press release.

Under the terms of the agreement, Foolproof will become the wholly owned subsidiary of Zensar Technologies (UK) Ltd, the company said in a regulatory filing to the Bombay Stock Exchange. On completion of the deal, Foolproof will operate under its own brand name and will continue to be managed by its founders Peter Ballard and Tom Wood.

“Foolproof’s market leadership in experience design and the strong management team at its helm are strategic to Zensar’s plan to increase market share in this increasingly pertinent space,” said Harsh Goenka, Chairman of RPG Enterprises and Zensar.

The company also said the deal will be financed by internal accruals and will be earning per share (EPS) positive for the company. With the acquisition, Zensar expects about 30 per cent of its revenue will be through Digital services.

Founded in 2002, Foolproof is headquartered in London with other offices in Norwich and Singapore. It is a specialised player in the customer experience and user experience space. They provide consulting and design services to global corporations in various verticals like banking and financial services, auto, retail, technology and life sciences. In the year 2015 Foolproof had revenue of about 8 million Pounds and employs 100 consultants.

With the announcement of the acquisition Zensar’s shares listed on the BSE surged over 12.57 per cent and closed at Rs. 1048.40 a piece during Wednesday’s trade.

SOURCE: PTI