Accel, an IT and realty company, yesterday announced that it has acquired IT Services Business of Computer Factory India, as a going concern for Rs.26 crore in an all-cash deal.
After this transaction, all the existing businesses of Computer Factory will be run under Accel as Accel IT Services.
Earlier, on Ist January 2020, Accel Limited had acquired Computer Factory India Private Limited in an all cash deal, thereby making it a wholly owned subsidiary of Accel.
Computer Factory India was set up in 1989 in Chennai as a systems and services company with operations in Chennai and Bangalore and is a leading player in IT infrastructure services.
Accel began its operation in the year 1991 as a vendor independent IT services company headquartered in Chennai, India. After having exited the flagship Accel Frontline in 2016, the company re-entered the IT services business along with a foray into Digital Media and Realty in 2019.
The stock has reacted positively to this news, briefly skimming the 5% UC at Rs.14.32 and is now trading at Rs.14.05. Its 52-week high is at Rs.14.90, hit on 11th Feb’21.