Cigniti Technologies, a digital assurance and quality engineering services company, has announced that it would acquire Aparaa Digital, a leading AI, ML, data engineering, analytics and blockchain services company, for $4.8 million.

The target company, which operates under the brand name RoundSqr, offers integrated enterprise digital transformation solutions.

“This is a strategic and complimentary capability led acquisition for us. The digital engineering market, valued at about $300 billion annually, offers a head room of growth for companies that have strong capabilities in data and analytics, artificial intelligence and machine learning,” Srikanth Chakkilam, CEO at Cigniti Technologies, said.

“This acquisition will lead to deeper and potentially multi-year engagements across our enterprise client base in the areas of digital engineering and assurance,” Cigniti’s Chief Financial Officer Krishnan Venkatachary said.

Q4 net profit down

Meanwhile, the company reported a net profit of ₹22.60 crore in the fourth quarter ended March 31, 2022, as against ₹ 24.67 crore in the comparable quarter previous year.

It registered a revenue of ₹344.08 crore (₹233 crore) in the reporting quarter.

For the full financial year 2021-22, the company reported a net profit of ₹91.74 crore (₹105.35 crore) on a revenue of ₹1,241.80 crore (₹896.53 crore).