Posted by Delhi: Industrial automation firm Cybernetik has acquired an 87.5% majority stake in US-based Buffalo Extraction Systems for undisclosed cash consideration.
With this acquisition, Pune-based Cybernetik is eyeing a leading position as a turnkey industrial automation solutions provider to the companies engaged in the extraction of medicinal plants, herbs, spices and essential oils. It will also expand Cybernetik’s presence to more markets around the world.
According to The Insight Partners published latest research study, the global market size value of the Industrial automation market was US$140.39 billion in 2021. And is expected to grow to US$ 233.94 billion by 2028, at a CAGR of 7.6% during the forecast period of 2021 to 2028.
“Our acquisition of Buffalo Extraction Systems will open new networks for us in countries like Africa, India, Thailand, USA & South America,” said Mahesh Wagle, Co-Founder and Director of Cybernetik.
“Given our experience in the extraction, industrial automation space, and manufacturing of high-end material handling and process automation solutions for over 30 years, the synergies between the companies are bound to create a lasting impact,” commented Wagle.
Buffalo Extraction Systems was founded in 2019 in Bentonville city – Arkansas, by a young, dynamic group of technocrats to offer state-of-the-art extraction solutions for various industries. It undertakes the task of helping its clients navigate through the essentials of the extraction process from the concept to the commissioning.
“This investment will help us build capabilities to become global leaders in the EPC space and extraction equipment in the agro-produce extraction industry,” said Yogesh Jhamtani, CEO and Co-Founder of Buffalo Extraction systems.
“We feel it’s a natural progression and we are committed to bringing innovative solutions, while, at the same time, introducing new robust technologies and building the agro-processing industry, which is still in its nascent stages worldwide. With revenue targets of $20 million by 2025, we are just getting started,” added Jhamtani.