Arco Lab Private Limited, a wholly-owned subsidiary of Strides Pharma Science Limited has acquired an additional 25% stake in Neviton Softech Private Limited, an associate company of Strides Group at a consideration of Euro 1 million (Rs. 9.22 crores).

With the said acquisition, Arco Lab holds a 50% stake in Neviton. Initial acquisition was made in August 2022 at a consideration of Euro 1.23 million (Rs. 9.97 crores).

Neviton Softech Private Limited is in the business of providing IoT (Internet of Things) and engineering solutions to a wide range of businesses. It has expertise in building machine interfaces through IoT devices and live feeding data into real-time applications. Neviton turnover and PAT during FY23 was Rs. 24.47 crores and Rs. 5.38 crores respectively.

Arco Lab Private Limited, a wholly owned subsidiary Strides was established to provide best-in-class business services in driving business and IT transformation, cost efficiencies and operational excellence and serve as a Global Life Science Capability Centre. Arcolab also provides IT Infrastructure services, Enterprise Application Services, Manufacturing IT Services, New Technologies and Cybersecurity services.

With the investment, Neviton and Arcolab synergize their strengths and enable Arcolab to offer better knowledge-based and IT services ensuring higher scale, scope and significant cash savings and enable better internal group wise digitization process. Accordingly, Neviton’s acquisition is complementary to Arco Lab’s business objectives.

Neviton Softech Private Limited is in the business of providing engineering and technology solutions to the Pharmaceutical, Manufacturing, Media & Entertainment, Aerospace, Fintech and Education segments using the latest digital technologies, process improvement and optimization methodologies, that help drive tangible outcomes for its customers. Neviton also provides expertise in various technologies, including but not limited to Methods and Manufacturing Engineering, digital transformation services, web development, Aerostructure Design, CNC Programming, Tool Design, mobile app development, cloud computing, business intelligence, AI/ML, cybersecurity, and IT infrastructure services.