Fox & Mandal, Shardul Amarchand Mangaldas act on Canada-based Infotech acquiring Zluri

Info-Tech Research Group (ITRG), Canada has made a 100% acquisition of Zluri Technologies Pvt Ltd, along with Zluri Inc., its wholly owned US subsidiary.

The transaction facilitated the exit of institutional investors Lightspeed India Partners, Kalaari Capital Partners, Endiya Partners Fund II and MassMutual Ventures, along with the founders and other angel investors. The transaction involved the exercise of investor rights under the shareholders’ agreement and the structuring of an earn-out arrangement with FEMA implications.

Fox & Mandal acted as Indian counsel to InfoTech on this transaction. The Firm advised on deal structuring, legal due diligence, incentive plan structuring, transaction documentation and negotiations through to closing.

The transaction was led by Saurav Bhaumik (Partner), with assistance from Rudresh Mandal (Principal Associate), Saumy Bhowmick (Associate), and Afshaa Hakim (Associate).

Rohit Singhania (Partner) provided strategic inputs.

Shardul Amarchand Mangaldas & Co advised Zluri, and its founders, as well as MassMutual Ventures, Kalaari Capital, Endiya Partners and Lightspeed India Partners, on this transaction.

The team advising Zluri and the founders comprised Ashish Ahluwalia (Partner) and Adarsh Mishra (Associate), with strategic inputs from Manish Gupta (Partner).

The team advising the institutional investors comprised of K. S. Bhargava (Partner) and Allen Benny Mathews (Associate).

Gouri Puri (Partner) and Nimish Malpani (Principal Associate) provided tax advisory services to MassMutual Ventures.

Bengaluru-based, Zluri Technologies is a SaaS management and identity governance platform. The Company will continue serving its existing customers as a standalone division of Infotech, with its team based in Bengaluru, while also scaling its capabilities and reaching more organisations through Infotech’s global network.

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