American Company Acquires Nepali IT Firm 'Adex International' for Rs 334 Million

Kathmandu: Nepali IT company Adex International, a provider of cloud services, has been acquired by American technology firm Techbay Digital for US$ 2.4 million (Rs 334.1 million). With the deal, 100 percent of Adex’s shares have come under Techbay’s ownership.

Techbay bought Adex within three years of its formal operation. Adex currently employs more than 60 people.

The two companies have signed a Share Purchase Agreement (SPA), under which Adex’s founders will gradually transfer their shares to Techbay.

Adex was founded by Prajwal Sharma and Saurabh Subedi. In addition to cloud services, the company has been offering solutions related to Amazon Web Services (AWS).

It has served major organizations in Nepal including Khalti, Sanima Bank, Upaya, Dearlord, Ekbana, NIC Asia Capital, Vishal Group, and Gham Power. Adex said the acquisition will make its operations more efficient under new management.

“Adex has established itself as a dynamic and sustainable business. This deal was made possible due to the company’s far-sighted leadership, strong team, and strategic approach to business. It also shows that Nepal’s information technology sector can compete in the global market,” the company said in a statement.

 

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