Posted by Mumbai: Quantela Inc has taken management control of the Indian business of TerraCIS Technologies, formerly known as IL&FS Technologies Ltd.
San Francisco, California based Qunatela said it has entered into an agreement for management control of the Indian business of TerraCIS Technologies Ltd., (TTL).
This agreement will further expand the economic, social, and environmental outcomes Quantela can offer through digitization and data-driven insights.
Founded in 2015, Quantela is a technology company offering outcomes business models through the digitization of urban infrastructure. It is an Outcomes-as-a-Service (OaaS) company.
Supported by investment partners, Gateway Partners, and Avenue Capital Group, Quantela will assume immediate operational control of TerraCIS’ business in India, and full ownership through a restructuring process in due course.
The transaction further enables Quantela to improve outcomes for governments and cities. It will reduce the time and costs spent on the traditionally manual processes of land registration and records management and remove access barriers to data through digitization.
“This agreement for TTL in India creates an exciting addition to our existing offering suite as we can combine our smart city expertise to bid for significantly larger projects with greater community impact in India and beyond,” said Sridhar Gadhi, Quantela Founder and Executive Chairman.
“At the same time, we can leverage Quantela’s global presence to extend our digital land registration and records management offering worldwide,” said Gadhi.
“This is our second transaction in three months, and we’re privileged to have the support and trust from investment partners, Gateway and Avenue as we continue to grow our organisation,” said Amr Salem, CEO – Quantela.
“Our immediate focus is to onboard the TerraCIS teams and integrate our tools and processes, whilst maintaining our commitments to existing customers and partners,” added Salem.
“Quantela association will provide existing TerraCIS customers with the security of working with a larger company and the opportunity to take advantage of our additional offerings to achieve greater outcomes,” he concluded.