The acquisition is a strategic move to achieve growth and combines the expertise of both organizations in their respective domain
Youngsoft Inc., the premiere technology and consulting firm, announced that it has signed a definitive agreement to acquire the majority stake in ABSYZ Software Consulting Pvt. Ltd, a Platinum Salesforce Partner with specialization in Salesforce.com and related technologies.
The acquisition will enable Youngsoft to leverage the strengths of ABSYZ as a Salesforce Platinum partner to service its customers across multiple verticals to achieve their goals.
Speaking about the acquisition, Anshul Jain, Director and Chief Executive Officer, ABSYZ, said, “When you combine Youngsoft’s global scale and reach with ABSYZ’s core Salesforce.com expertise, and best-in-class team, brand, and partners, the result is a formidable force in the industry. Besides the Salesforce.com platform, ABSYZ had already started working on Digital, Mobility, AI and Blockchain in 2018 and with this acquisition, we get to leverage deep expertise from Youngsoft in these areas. We are also super excited that now team-ABSYZ can boast of industry leaders as mentors.”
Established in 2011, ABSYZ is headquartered in Hyderabad, India with offices in San Francisco, US and Bangalore, India and has nearly 120 employees worldwide. ABSYZ is a trusted service provider to some of the world’s leading companies, including Fortune 500 companies.
Adding their views, James Haveman, Director (former Director for Michigan Department of Community Health), Youngsoft; Paul Boyer, Board Advisor, Youngsoft and Vice Chairman Emeritus of Meijer Inc.; and Stephen Pickett, Director, Youngsoft, said, “The Board is pleased to welcome ABSYZ to the Youngsoft family. This acquisition adds to the latter’s talent, product, and professional strengths both domestically and internationally. Many of the greatest technological successes have emanated from the joining of two strong partners. We are sure to achieve milestones through this partnership as well.”
Commenting on the progress of the company, Balesh Lakshminarayanan, Director and CTO, ABSYZ, said, “As we inch closer to a new decade, the challenges and opportunities ahead of us are phenomenal. We are glad to have kept pace with the technological trends and will continue to deliver value consulting to our customers. ABSYZ has grown exponentially in the past few years. Going from a very humble beginning from an apartment in Hyderabad to an 8,000-square-feet office in the central IT hub of Hyderabad was a roller coaster ride. This journey wouldn’t have been possible without the support of our customers, partners, and our teams dedication and passion towards salesforce. I extend heartfelt gratitude and thanks to everyone involved.”
“Youngsoft is happy to welcome the incredible and talented team from ABSYZ to the Salesforce family. A majority of our North American clients are looking to expand on the flexibility and efficiency of the Saleforce.com platform and a trusted solution and implementation partner. This is a very strategic move to achieve growth and serve our clients,” said Rupesh Srivastava, President and CEO, Youngsoft.
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to be closed in the first quarter of 2019. NNV Satish & Co acted as financial advisors to ABSYZ during the process.