Telecom operator Bharti Airtel on Monday announced an agreement to acquire a roughly 25% stake in Bengaluru-based tech startup Lavelle Networks. In addition, ASM Technologies, a global provider of technical engineering and product development services, made a follow-on investment in Lavelle Networks.
In a statement on Monday, Airtel announced the acquisition of a strategic stake of about 25% in SD-WAN startup Lavelle Networks, but did not disclose financial details of the transaction involving the cash consideration.
Lavelle Networks specializes in software-defined wide area network (WAN) solutions that serve a range of industry sectors.
“As more businesses turn to cloud-based applications to serve customers in a digital-first ecosystem, they need on-demand and reliable network connectivity,” Airtel said in the release.
As a result, there is an increasing demand for software-defined solutions that can flexibly serve cloud-based hybrid IT environments.
Airtel Business’ Network as a Service (NaaS) is a digital platform focused on emerging connectivity needs as businesses adopt cloud and digital.
In the NaaS portfolio, Airtel will provide software-defined connectivity solutions from Lavelle Networks and co-create a range of innovations as part of its platform.
“It also aims to bring ‘Made in India’ products and solutions to businesses by providing cutting-edge technology and cost-effectiveness,” said Airtel.
The indicative time period for the completion of the acquisition is February 28, 2022.
Airtel said in a regulatory filing: “The acquisition of the stake in the investee company was done at a pre-financed corporate valuation agreed upon by both parties. For confidentiality reasons, the said valuation is not disclosed here.” Consider cash.
Founded in 2015, Lavelle Networks is a networking software startup that provides cloud-based technology to optimize security and manage enterprise branch offices.
In addition, ASM Technologies, a provider of technical engineering and product development services, has made a follow-on investment in Lavelle Networks, the companies said in a statement, without providing details of the investment.
“ASM Technologies has been a partner of Lavelle Networks since its inception and even co-founded a Software-Defined Networking Center of Excellence (CoE) in Bangalore last year,” it added.
Earlier this month, Lavelle Networks was selected into the latest cohort of the Google for Startups Accelerator (GFSA) India program, which helps high-potential Indian tech startups build and scale in their early years.
Complete News Source : Business Standard
