NEW DELHI: Blackstone portfolio company, R Systems International Limited, a global leader in digital product engineering, said Thursday it has entered into a definitive agreement to acquire Novigo Solutions, a specialist in low-code/no-code (LCNC) development and intelligent automation services.
The strategic acquisition will create a digital product engineering powerhouse with annual revenue of INR 20,600 million (approximately $240 million) and EBITDA of INR 3,800 million (around $45 million). The combined entity will offer engineering, deployment, and management of enterprise-scale fleets of AI agents under a single, governed platform.
Novigo has posted a 44% revenue CAGR over the past three years, maintaining a 25% EBITDA margin and strong free cash flow. The deal includes an upfront cash consideration of INR 400 crore, with additional stock consideration tied to future EBITDA performance. R Systems said the transaction will be EPS accretive from year one.
“This is a pivotal moment for R Systems, our clients, and our investors,” said Nitesh Bansal, CEO and Managing Director of R Systems. “The acquisition of Novigo Solutions accelerates our journey to lead the Agentic AI revolution.”
The deal integrates R Systems’ OptimaAI Suite with Novigo’s UiPath Diamond-tier automation practice and Microsoft Copilot Centre of Excellence. It also expands R Systems’ footprint in the Middle East and adds delivery centers in Bangalore and Tier 2 cities such as Mangalore.
Novigo’s leadership team, including CEO Praveen Kalbhavi and CTO Mohammed Hanif, will remain with the combined platform.
Barclays served as Novigo’s exclusive financial advisor. The transaction is expected to close in the coming weeks, subject to customary conditions.