Dev Information Technology Ltd, a technology solution provider delivering digital solutions leveraging Cloud, Automation & Data, has sold 5.45 percent of its equity holding in M/s. Dev Accelerator Pvt. Ltd. (DevX), a Managed Co-Working Space business, at a valuation of Rs 104 crore.

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Dev IT co-promoted ‘DevX’ in the year 2017 as a managed co-working space with 720 seats. As on September 30, 2022, DevX has 8,000 seats running at 79 percent capacity utilization levels. Since its inception, DevX has seen significant interest from investors to invest and participate in the growth of this business.

This secondary sale will bring down DEV IT’s shareholding in DevX from 41.26 percent to 35.81 percent. This will not only help unlock the valuation for shareholders of Dev IT but also help the company invest in new-age businesses like Blockchain, AI, and ML, amongst others, for the growth of its core business.

Jaimin Shah, Co-Founder Dev IT Limited, expressed, “Our secondary sale transaction in DevX shows the tremendous interest from investors in the business. This sale will allow us to not only unlock value for our shareholders but also provide significant cash flows in the company to expand new businesses in which we have been investing, namely Blockchain, and AI-ML, amongst others. Our company recently acquired a blockchain technology company to further its offering in this capability.”

Dev Information Technology (Dev IT) is a technology solutions provider delivering Digital Transformation, leveraging Cloud, Automation and Data Technologies.

First Published:Dec 27, 2022 6:15 PM IST