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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India, Ethiopia elevate ties to strategic partnership as PM Modi holds talks with his counterpart
Addis Ababa (PTI): India and Ethiopia on Tuesday elevated their historical ties to a strategic partnership, as Prime Minister Narendra Modi held wide-ranging talks with his Ethiopian counterpart Abiy Ahmed Ali during which they discussed issues of bilateral and mutual interest.
Modi, who arrived here from Jordan on his maiden bilateral visit, was accorded a ceremonial welcome at the National Palace ahead of the bilateral talks, reflecting the vibrant India-Ethiopia relations rooted in shared history and a promising future.
"We are elevating India and Ethiopia relations to a strategic partnership. This step will provide new energy, new momentum and new depth to our ties," Prime Minister Modi said during the delegation-level talks.
He thanked PM Ali for his support in India's fight against terrorism. "The support of friendly countries in this struggle against terrorism holds great significance," Modi said.
"Today, we got the opportunity to deliberate on the key aspects of our cooperation, such as economy, innovation, technology, defence, health, capacity-building and multilateral cooperation. I am pleased that today, we have decided to double the student scholarship for Ethiopia in India," Modi said.
Modi said that India and Ethiopia have shared contact, dialogue, and exchange for thousands of years. The two countries, which are rich in languages and traditions, are symbols of unity in diversity, he added.
"Both countries are democratic powers committed to peace and the welfare of humanity. We are co-travellers and partners of the Global South. On international platforms, we have stood shoulder-to-shoulder," he said.
The two sides signed eight MoUs/agreements, including upgrading ties to 'Strategic Partnership', customs cooperation, establishing data center at the Ethiopian Foreign Ministry, UN Peacekeeping training cooperation, debt restructuring under G20, more ICCR scholarships and AI short courses for Ethiopians, and support for maternal and neonatal healthcare.
Modi said the African Union's headquarters in Ethiopia makes the country a meeting point of African diplomacy. "Inspired by the common vision of an inclusive world, in 2023, India ensured that the African Union became a G20 member," he said.
In 2023, during India’s G20 Presidency, the African Union was admitted as a permanent member of the G20.
Modi said that though this is his first visit, he felt a deep sense of belonging and warmth, reflecting the thousands of years of connection between the two countries.
On his part, Prime Minister Ali said the two countries share over thousands of years of connection through trade, diplomacy, education, culture and even in our food and traditions. "These ties continue to shape a deep friendship, collaboration and mutual respect between our people," he said.
"We also appreciate your consistent message that Africa's priorities must lead the partnership. These kinds of dignified, respectful messages for Africa are very important. Mr Prime Minister, keep pushing. That is the type of message we are expecting from all our trusted friends," Ali said.
He said this aligned fully with Ethiopia's development plan - African-owned, African-led, and African-defined.
"Today, we meet with a clear focus to shape a modern partnership, grounded in sovereignty, self-reliance and practical cooperation. Our cooperation is rooted in equality and South-South solidarity," he said.
"Our economy is performing strongly. Last year, we grew 9.2% and this year we are expecting 10.3% GDP growth. Besides GDP growth, our FDI inflow is also rising big time. India is the leading source for our FDI," he said.
"We have more than 615 Indian companies which are investing in Ethiopia. This all gives our cooperation a strong foundation of trust. I think our decision today that we elevate our historic relationship to a strategic relationship is the right decision," he added.
Ethiopia also conferred its highest award - The Great Honour Nishan of Ethiopia - on PM Modi. He is the first global head of state to receive this award.
Prime Minister Modi also went to the Friendship Park and Friendship Square in Addis Ababa with PM Ali.
In a warm and special gesture, PM Modi was earlier received by his Ethiopian counterpart at the airport and accorded a warm and colourful welcome.
"Ethiopia is a nation with great history and vibrant culture," Modi said.
PM Ali informed his Indian counterpart about the varieties of Ethiopian coffee during informal talks.
"At Addis Ababa airport, took part in a traditional Coffee Ceremony with Prime Minister Abiy Ahmed Ali. The ceremony beautifully highlights Ethiopia’s rich heritage," Modi said.
In a unique gesture, the Ethiopian Prime Minister drove Modi to the hotel.
On the way, he took a special initiative of taking PM Modi to the Science Museum and Friendship Park, which was not in the itinerary.
"Gratitude to Prime Minister Abiy Ahmed Ali for showing me glimpses of Ethiopian history and culture at the National Palace Museum in Addis Ababa. It was a powerful reminder of Ethiopia’s rich traditions," Modi said in a post on X.
The Nobel Peace Prize-winning Ethiopian PM’s special gestures show remarkable respect for Modi, sources said.
"Thank you Ethiopia for a welcome that was unforgettable. The Indian community showed remarkable warmth and affection. India-Ethiopia friendship is going to get even more robust in the times to come," Modi said.
When Modi arrived at the hotel, he was warmly welcomed by the members of the Indian community. Local artists performed dances. Some of them danced on the theme of the popular Hindi song 'Aisa Des Hai Mera' to welcome him.
On Wednesday, Modi will address the Joint Session of Parliament and share his thoughts on India's journey as the "Mother of Democracy" and the value that the India-Ethiopia partnership can bring to the Global South.
PM Modi arrived in Ethiopia from Jordan, where he held a one-on-one meeting with King Abdullah II at the Husseiniya Palace on Monday before the delegation-level talks.
India and Jordan also inked MoUs in the fields of culture, renewable energy, water management, digital public infrastructure and twinning arrangement between Petra and Ellora, aimed at giving a major boost to bilateral ties and friendship.
From Ethiopia, Modi will visit Oman on the final leg of this three-nation tour.
