• Supports R Systems to deepen its product engineering capabilities in the technology, media, and healthcare verticals and expand India delivery footprint to Pune
• Co-founders of Velotio, Kalpak Shah and Chirag Jog, and the rest of the Velotio team, will join the combined business to drive its next phase of growth

NOIDA, India and PUNE, India, June 7, 2023 /PRNewswire/ -- R Systems (NSE: RSYSTEMS) (BSE: 532735), a leading digital product engineering company, today announced that it has signed definitive agreements to acquire Velotio, an India-based product engineering and digital solutions provider.

With a team of over 300 engineers, Velotio combines  complex engineering, data expertise, cloud-native, and design capabilities to build innovative products for global customers, including NASDAQ-listed enterprises, and high-growth companies.

With this acquisition, Kalpak Shah (Co-Founder and CEO, Velotio), Chirag Jog (Co-Founder and CTO, Velotio), and the rest of the Velotio team will partner with R Systems to help scale Velotio's business, develop its engineering capabilities and accelerate its growth.

The Velotio leadership team brings decades of experience and deep-rooted knowledge of building complex engineering solutions that meet the rapidly growing needs of various industries.

Nitesh Bansal, Managing Director & Chief Executive Officer of R Systems, said: "We extend a warm welcome to Kalpak, Chirag, and the entire Velotio team to the R Systems family. This partnership with Velotio and its talented management team is a significant step towards R Systems' continued growth journey. Velotio's deep engineering capabilities within its focus verticals neatly complement our vertical presence and deepen our delivery capabilities in areas like Cloud, DevOps, Data Engineering, and Generative AI. We are also excited to expand our India delivery presence to Pune, a hub of product engineering talent. Velotio's attractive roster of customers and a very entrepreneurial management team are great additions to R Systems – they can help us expand our partnerships and deliver enhanced value to our customers."

Kalpak Shah and Chirag Jog, Co-Founders of Velotio, said: "We are excited to join the R Systems family in this next phase of growth for Velotio, our employees, and our customers. R Systems is an established player in the industry with a strong management team, marquee customers, and a global presence, which will provide a platform for us to create value at a larger scale. With our culture of attracting and nurturing top talent in the latest technologies and R Systems' extensive industry expertise and global presence, we are excellently positioned to help enable our customers on a strong growth trajectory. We also look forward to collaborating closely with Blackstone, one of the world's leading investors, as we look to build a scaled and fast-growing digital product engineering company."

Technology Holdings acted as Velotio's exclusive financial advisor. The acquisition is subject to customary closing conditions.

About Velotio

Velotio is a product engineering and digital solutions provider working with high growth enterprises across the globe. With a team of 300+ engineers, we combine complex engineering, data expertise, cloud-native and design capabilities to build innovative products for customers across Technology, Media, Healthcare, and Enterprise SaaS verticals. We also help enterprises accelerate their digital transformation roadmap for a competitive edge with our strategy & consulting services.

We are recognized as a 'Top software development company' by Clutch and GoodFirms. We have been certified as a Great Place to Work ® for two consecutive years and named one of India's Best Workplaces for Women.

About R Systems  

R Systems is a leading digital product engineering company that designs and builds next-gen products, platforms, and digital experiences, empowering clients across various industries to overcome digital barriers, put their customers first, and achieve higher revenues and operational efficiency.

We constantly innovate and bring fresh perspectives to harness the power of the latest technologies like cloud, automation, AI, ML, analytics, Mixed Reality, etc. Our 4,400+ technology expeditioners across 26 offices are driven to explore new digital paths, leaving no stone unturned in our quest to deliver business solutions that drive meaningful impact.  

Our product mindset and engineering capabilities allow us to partner with the key players in the Tech industry, including ISVs (independent software vendors), SaaS companies, and product companies in Telecom, Media, FinTech, InsureTech, and HealthTech verticals.

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