Cressanda Solutions to buy 100% stake in Lucida Tech

Hyderabad: BSE-listed Cressanda Solutions Ltd, to augment its market and business delivery position in line with its strategy, have signed a non-disclosure and letter of intent (LOI) with Bangalore-based Lucida Technologies to acquire 100 per cent of the issued and outstanding equity interests of Lucida and its subsidiaries.

Lucida Technologies is a Bangalore-based digital technology company specializing in providing development and support services in leading edge technologies such as data analytics, artificial intelligence/ machine learning (AI/ML), full stack, mobile and robotic process automation (RPA). Lucida caters to multiple clients located in India, Malaysia, Singapore, the USA, the UK, spanning across various domains and industries. Lucida reported an annual revenue of Rs 7.99 crores as per the latest audited financial statements as on March 31, 2021.

Lucida partners with its clients to ideate and develop quality products and solutions that leverage their own industry-domain expertise and marries it to their proven technology capabilities. Lucida has extensive experience in architecting, building, and supporting business critical technology platforms.

Both Cressanda and Lucida have great synergy opportunities to leverage scale and deepen the existing customer relationships with a wider array of technology and services offering.