Blackstone portfolio company R Systems acquires Novigo Solutions in landmark deal
Greater Noida / El Dorado Hills, August 21, 2025 — Blackstone portfolio company R Systems International Limited, a global leader in digital product engineering, has entered into a definitive agreement to acquire Novigo Solutions, a Mangaluru-headquartered specialist in low-code/no-code (LCNC) development and intelligent automation services.
The strategic acquisition will create a global digital product engineering powerhouse with revenues of INR 20,600 million (around $240 million) and EBITDA of INR 3,800 million (around $45 million). The deal will bring together end-to-end capabilities for engineering, deployment and management of enterprise-scale fleets of AI agents on a single governed platform.
Novigo has delivered strong growth in recent years with 44% revenue CAGR over the last three years, a 25% EBITDA margin and strong free cash flow. The upfront cash consideration is INR 400 crore, with additional stock consideration linked to future EBITDA performance. The company said the acquisition will be earnings accretive for R Systems from Year 1.
As per disclosed information, the valuation is likely to be upwards of INR 1,000 crore, making this the largest IT merger and acquisition in the history of Mangaluru.
The combined portfolio will integrate R Systems’ OptimaAI Suite with Novigo’s UiPath Diamond-tier automation practice and Microsoft Copilot Centre of Excellence. This will position the merged entity as a leader in designing and operating intelligent, compliance-ready enterprises of the future. The acquisition will also scale up R Systems’ Middle East presence and expand delivery centres to Bengaluru and tier-2 cities such as Mangaluru.
Novigo’s leadership team — Praveen Kalbhavi (CEO), Mohammed Hanif (CTO), Shihab Kalandar (CCO), and Mohammed Jarood (COO) along with their team will continue with the combined business platform and drive future growth.
Nitesh Bansal, CEO and Managing Director of R Systems, described the acquisition as “a pivotal moment” for the company, its clients and its investors. “The acquisition of Novigo Solutions acts as an accelerator in our journey to lead the Agentic AI revolution. It is not just about scale, but about adding synergistic, high-margin capabilities that create stronger outcomes for our clients. We are delighted to welcome the highly talented Novigo team to R Systems,” he said.
Praveen Kalbhavi, Mohammed Hanif, Shihab Kalandar and Mohammed Jarood of Novigo said in a joint statement that joining R Systems strengthens their mission. “We have built a world-class practice around low-code platforms and intelligent automation. Now, supercharged by R Systems’ OptimaAI Suite, we can deploy agentic AI and automation at scale. Our talent across Mangaluru — emerging as India’s Silicon Beach — and other centres will now complement R Systems’ global reach,” they said.
The acquisition is expected to close in the coming weeks, subject to customary approvals. Barclays acted as Novigo’s exclusive financial advisor.
About R Systems: R Systems is a global digital product engineering and solutions provider with expertise in data and AI, cloud-native solutions, automation and agentic AI.
About Novigo: Novigo is a digital-first IT services company with strong expertise in product engineering, LCNC development and intelligent automation, serving clients across BFSI, Hi-Tech, Manufacturing and Energy sectors. It partners with Microsoft, UiPath, Snowflake, Databricks and OutSystems, and has its headquarters in Mangaluru.
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'Rear-guard action': BJP over Mamata accepting sports minister's resignation after Messi event
New Delhi (PTI): The BJP on Tuesday alleged that West Bengal Chief Minister Mamata Banerjee's accepting Aroop Biswas' resignation as the state sports minister is nothing but a "rear-guard action" to douse public anger over the mismanagement of football icon Lionel Messi's event last week.
BJP co-in-charge for West Bengal Amit Malviya alleged that this is also an "open confession" that the Messi event fiasco was not accidental but a government-manufactured disaster, borne out of the poor governance of Banerjee, her ministers and the state bureaucracy.
Banerjee on Tuesday accepted Biswas' resignation as the sports minister in the wake of the controversy over the mismanagement of football icon Messi's event last week, a senior leader of the ruling TMC said.
Biswas, who had written to the chief minister seeking to be relieved of his responsibilities as sports minister, will continue as a cabinet minister, retaining charge of the power department.
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Reacting to the development, Malviya said in a post on X, "TMC Sports Minister Aroop Biswas resigns after the Messi fiasco and Mamata Banerjee accepts it in record time."
"Do not mistake this for accountability; this is nothing but a rear-guard action to douse public anger. anger! This is not 'Raj Dharma'," he added.
The BJP leader alleged that the incident was the outcome of "loot" of common people which is "so synonymous" with the TMC.
The incident was also the outcome of the "shameless VIP culture that TMC thrives on and deep-rooted cronyism promoted by Banerjee," he charged.
Malviya further alleged that Biswas' resignation exposes a "collective failure of Mamata Banerjee, her partisan bureaucracy, and her crony cabinet".
"This is a symbolic sacrifice, a political hoax, soon to be buried under layers of bureaucracy, with no justice, no accountability, and no remorse," the BJP leader said, adding, "No resignation will bring back the time lost, the money wasted, or the stolen chance for football lovers to witness Messi in Kolkata."
