ANTARES VISION GROUP ACQUIRES SMART POINT TECHNOLOGIES, A SOFTWARE DEVELOPMENT COMPANY, TO ACCELERATE SAAS BUSINESS- MODEL ACROSS INDUSTRIES
The acquisition of Smart Point will strengthen the Group’s software portfolio, aim to provide the most integrated ecosystem of solutions for products and supply chains and guarantee quality, safety, efficiency and sustainability.
Antares Vision Group has acquired, through its subsidiary rfxcel, 100% of Smart Point Technologies Ltd, an Indian software product development company that builds powerful and intuitive software solutions. The total Cash-Out for Smart Point has been agreed to as €7.8 million, of which €5.4 million was paid at closing, and the remaining portion will be paid within 18 months.
Smart Point, founded in 2010 by three entrepreneurs and headquartered in Chennai, offers a multiple range of services and software solutions to clients in over 30 countries. With more than 12 years of experience in software development and servicing, the Company has built expertise mainly in the pharma Track and Trace, and it works directly with top pharmaceutical companies in the world, which are end customers of Antares Vision Group. In FY22/23 (year-end March), Smart Point had 124 employees in India and Germany and revenues of approximately €3.9 million (of which roughly 90% were generated with rfxcel), with an EBITDA of around €2.0 million.
“The acquisition of Smart Point will strengthen our software portfolio, aim to provide the most integrated ecosystem of solutions for products and supply chains, and guarantee quality, safety, efficiency and sustainability. Furthermore, it allows to increase and expand our presence in the Indian market”, said Emidio Zorzella, Antares Vision Group Chairman and Co-CEO. “The deal is consistent with our Growth strategy we recently presented in our 2022-2025 Strategic Plan; in particular, we forecast a +17/19% CAGR in the Smart Data / SaaS area in the next three years”.
“We have been working with Smart Point for many years”, added rfxcel CEO Glenn Abood. “This acquisition allows us to internalize very skilled resources, combined with outstanding expertise. This Software Development team has been working together for a long time, and their know-how is a valuable asset for Antares Vision Group as we continue to invest in technological development to support our growth and to drive the innovation and digitalization process of products and supply chains”.
Strategic rationale
- Smart Point has proven expertise in pharmaceutical track & trace regulatory compliance, and its software developments are directly implemented within the IT systems of top pharmaceutical companies that are AV Group customers;
- Smart Point is equipped with the latest technology to craft the most appropriate solutions for clients’ business needs;
- Its software development team will support Smart Data/SaaS robust future growth;
- The acquisition is an opportunity for AV Group to prioritise software initiatives;
- Smart Point has more than 30 full-time staff whose capabilities could be useful to other AV Group software projects;
- The acquisition is an opportunity for AV Group to optimize profitability and improve margins;
- Having stronger in-house capacity will allow the Group to negotiate better with other software development companies;
The deal prevents Antares Vision Group’s competitors from acquiring the company and its know-how.