GTT Data Solutions To Acquire Remaining 45% Stake In Itarium Technologies For Rs 9.90 Crore
By Ankur Chandra | Published at: Jun 4, 2025 05:58 PM IST
Mumbai, June 4, 2025: GTT Data Solutions Ltd (BSE: 530457), formerly Cinerad Communications Ltd, has announced the complete acquisition of Pune-based Itarium Technologies India Pvt Ltd by purchasing the remaining 45% equity stake for ₹990 lakh in an all-cash transaction.
Acquisition Details and Strategic Significance
This acquisition stems from a previously disclosed agreement dated January 22, 2024, which gave GTT Data Solutions the right and obligation to acquire the remaining 4,500 shares (45%) of Itarium by October 31, 2024. On June 1, 2025, GTT Data, Itarium, and the selling shareholders signed the First Amendment to the Share Purchase Agreement, allowing GTT Data to purchase these shares at ₹22,000 each, totaling ₹990 lakh.
This transaction converts Itarium into a wholly owned subsidiary of GTT Data Solutions, reinforcing its footprint in the enterprise technology sector.
Stock Market Reaction and Financial Outlook
Following the announcement, GTT Data Solutions’ share price experienced a decline, closing at ₹76.00 on June 3, 2025, down 3.18% from the previous close of ₹78.50. Despite this short-term dip, the stock has shown significant growth over the past year, with an 89.29% increase.
As of 3:09 PM on June 4, 2025, shares of GTT Data Solutions Ltd (BSE: 530457) were trading at ₹74.00, marking a decline of ₹2.00 or 2.63% for the day. Despite the drop, the trading volume remained modest, with 13,025 shares exchanged, translating to a traded value of approximately ₹0.10 crore.
The company’s market capitalization stands at ₹279 crore. Analysts suggest that the full acquisition of Itarium Technologies positions GTT Data Solutions for enhanced revenue generation and operational efficiency, potentially leading to positive long-term investor sentiment.
Industry Outlook
The Indian IT industry is expected to grow by 5.1% to $282.6 billion in FY25, up from the 4% growth in FY24. Nasscom, the industry body, said the sector was likely to surpass the $300 billion revenue milestone in FY26. Though the growth rate remains in low single digits, the industry, which has been impacted by macro global headwinds, is slowly seeing an increase in year-on-year growth.
The industry added 126,000 new jobs in FY25, which will take the overall employment to 5.8 million. While the industry body did not provide hiring targets for FY26, Nambiar said the industry would continue to expand its workforce.
About Itarium Technologies
Itarium Technologies specializes in:
- Enterprise Solutions (CRM, ERP, LMS, E-commerce, Asset Management)
- Data & Analytics Consulting
- Software Development Services
The company is recognized for its partnerships with major platforms like BMC and Salesforce, offering services including CRM implementation, application development, and IT service management.
Key Financials – Itarium Technologies
| Fiscal Year | Turnover (₹ in lakhs) | Net Profit (₹ in lakhs) |
|---|---|---|
| 2024–25 | 872.97 | 77.03 |
| 2023–24 | 865.11 | — |
| 2022–23 | 964.25 | — |
Strategic Rationale
This acquisition consolidates GTT Data’s stake in Itarium from 55% to 100%, enabling greater operational control and strategic alignment across digital transformation and enterprise services verticals. The transaction, conducted at arm’s length, involves three promoters: Mr. Manoj Manohar Panvelkar, Mr. Nitin Neminath Patil (also a Non-Executive Director), and Mr. Basanta Kumar Swain.
Completion Timeline & Regulatory Approvals
No governmental or regulatory approvals are required for this transaction, and the deal is expected to be completed by or before August 31, 2025. This strategic consolidation is expected to streamline business integration and amplify GTT Data’s service delivery capabilities across enterprise technology platforms.
Future Prospects
With the complete integration of Itarium Technologies, GTT Data Solutions aims to strengthen its offerings in enterprise solutions, data analytics, and software development services. The acquisition is expected to facilitate the company’s expansion into new markets and enhance its competitive edge in the technology sector.
REF: https://www.bseindia.com/xml-data/corpfiling/AttachLive/36da4112-bec9-40b6-9a04-239b1eb0b7d4.pdf
Disclaimer: At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.
If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.
Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations
