Orion Innovation buys Sryas for ‘undisclosed sum’

CHENNAI: Orion Innovation (Orion), a digital transformation and product development services firm, on Friday announced a strategic combination with Sryas Inc (Sryas), a global technology company.

With Orion’s acquisition, its presence in India, particularly in the data and analytics space and telecom sector, is expected to further strengthen.

Sryas adds more than 550 associates to Orion, including engineers in India, Canada, Mexico, and the Philippines, resulting in a combined team of approximately 7,000 associates and 12 major global delivery centres. As part of the transaction, Vish Ramesh, president-CEO, Sryas Inc, will join Orion’s management team.

Raj Patil, CEO-president, Orion Innovation said, “Our combination with Sryas strengthens Orion’s nearshore capabilities in the Americas and adds to our APAC resources, including Chennai, India. Sryas’ telecom expertise, strong set of complementary solutions, and proven track record of growth with one of Canada’s top communications companies is a perfect fit for Orion’s leading telecom practice. This merger is another step in building a geographically balanced footprint across the Americas, Europe, and APAC.”

Orion is a portfolio company of One Equity Partners, a middle market private equity firm focused on building market-leading companies by identifying and executing transformative business combinations.

o3 Capital acted as the exclusive financial advisor to Sryas for the transaction.

A recent report by the International Data Corporation reveals that more than 95 per cent of Indian companies plan to maintain or increase their spending on digital transformation in 2023, and the total spend is projected to reach $85 billion by 2026.