Latest One Co.Work News
Oct 18, 2018
Photo: Bloomberg October 18, 2018 Aurionpro Solutions Ltd has entered into an agreement to acquire 51 per cent stake in Singapore-headquartered smart city solutions provider SC Soft while One Co.Work has acquired IShare Space. Separately, Reliance Industrial Investments and Holdings has acquired a 12.7 per cent stake in US firm SkyTran Inc. Aurionpro buys Singapore’s SC Soft Mumbai-based enterprise security company Aurionpro Solutions Ltd on Wednesday said that it has entered into an agreement to acquire a 51 per cent stake in Singapore-headquartered smart city solutions provider SC Soft Pte. Ltd. for $5 million. Aurionpro will make the investment in tranches by subscribing to the fresh equity shares issued by SC Soft, and will complete acquisition of a majority stake by December 2019. It will have a right to acquire the balance 49 per cent stake thereafter. The investments by Aurionpro will be used to expand R&D capabilities and ramp up global sales of SC Soft, it said in a statement. SC Soft has implemented automated fare collection systems (AFCS) in the select markets for various mass transport systems across Asia, Russia, and Mexico. It has offices in Singapore, Canada, Malaysia and India and with a team of more than hundred people globally. One Co.Work acquires IShare Space One Co.Work, a Delhi-based shared space provider, has acquired IShare Space for $500,000 (about Rs 3.67 crore), reported The Economic Times. The deal has valued IShare at about $1 million. The acquisition will be funded by Himanshu Bindal, founder & CEO of One Co.Work, and also through internal accruals. “We wanted to increase our seat counts and the best way was to acquire a company with good infrastructure and client base,” the report said quoting Bindal. Reliance unit picks 12.7% in SkyTran Reliance Industrial Investments and Holdings Ltd., a wholly owned subsidiary of Reliance Industries Ltd, on Wednesday announced that it has acquired a 12.7 per cent stake in SkyTran Inc., a US venture-funded technology company that develops personal rapid transit systems. Reliance has made a strategic investment into SkyTran as part of the latter’s recently concluded preferred stock financing, with an option to further invest an amount up to $25 million in convertible notes, subject to SkyTran’s Board approval, the Indian company said in a statement. Through this investment, Reliance would work closely with SkyTran to implement its network in India.