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Cignex Datamatics and Relevance Lab deal not approved by DGSL shareholders; revised terms in discussions

Jan 22, 2020 5:05:12 PM

Datamatics Global Services Ltd. (DGSL), a global IT & BPM company, on December 12 2019, had announced to strategically divest its stake in Cignex Datamatics Inc. to Relevance Lab, a Singapore headquartered IT Services Company, through a share-swap arrangement.

DGSL has today shared that the deal to divest stake in one of its subsidiaries, Cignex Datamatics Inc., could not  be completed as shareholders did not approve  the proposed resolution. The parties are reworking on the revised structure and commercial terms, as a result of which the current Share Purchase Agreement is likely to undergo a substantial change.

Speaking on the occasion, Rahul Kanodia, CEO, DGSL said; “We are working together on revised terms, and are confident that it will be beneficial for our company and its shareholders”.

Cignex Datamatics Inc is a US-headquartered IT Services firm offering, Open Source, Cloud, and Automation services.

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