Cinerad Communications Limited has signed a Memorandum of Understanding to acquire a 10.51% stake in CRG Solutions Private Limited, contingent upon the completion of due diligence, execution of a share purchase agreement, and fulfillment of any associated conditions.

CRG Solutions Private Limited established in 2001 and registered under the Companies Act, 1956, operates from Pune. It is a Business Performance Improvement firm specializing in guiding organizations through their data-to-insights journey, leveraging advanced analytics technologies like Tableau and Alteryx. As one of Tableau’s long-standing Gold Partners, CRG excels in visual analytics and comprehensive data management, including predictive and prescriptive analytics.

For the fiscal year 2023-24, the unaudited turnover was ₹ 85.40 crores, with a net profit of ₹ 3.07 crores. This acquisition, which does not involve related party transactions, aims to enhance the company’s service offerings, access new markets, and attract specialized talent, thereby strengthening competitive advantage and aligning with long-term goals.

No regulatory approvals are required, and the acquisition is expected to be completed by September 30, 2024, or within 30 days following the receipt of funds from fundraising. The total cash consideration for acquiring 10.51% of equity shares is approximately ₹ 6,00,41,091, covering 1,051 equity shares. Over the past three financial years, CRG Solutions has demonstrated solid performance, with turnover figures of ₹ 94.66 crores in 2021-22, ₹ 90.48 crores in 2022-23, and the current year’s projected turnover.

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