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NEW YORK - Aeries Technology, Inc. (NASDAQ:AERT), a $46 million market cap company currently trading near InvestingPro’s Fair Value estimate, announced Monday it has signed a Letter of Intent with Cority to establish artificial intelligence-driven Global Capability Centers (GCCs) in India and Mexico.
The centers will support Cority, a SaaS platform developer specializing in environment, health, safety, quality, and sustainability solutions, in its market expansion efforts. According to the press release, the GCCs will initially focus on core business functions before expanding capabilities as the company scales. This strategic move comes as Aeries Technology maintains a healthy gross margin of 25% and generates annual revenue of $71 million.
"We’re proud to partner with Cority to accelerate its value creation journey and support its strategic growth initiatives," said Ajay Khare, Chief Executive Officer of Aeries Technology. InvestingPro data shows the company has remained profitable over the last twelve months, though analysts note it faces some cash flow challenges. For detailed analysis and 10+ additional ProTips, visit InvestingPro.
Sukaran Mehta, Chief Financial Officer of Cority, stated the partnership would help the company "scale efficiently while strengthening the operational foundation for our global growth."
The companies expect to finalize definitive agreements in the coming months, according to the announcement.
Aeries Technology describes itself as a provider of AI-enabled value creation and business transformation services for private equity portfolio companies. Cority, founded in 1985 and headquartered in Toronto, provides software solutions for environmental, health, safety, and sustainability management to over 1,500 organizations worldwide.
The information in this article is based on a press release statement from Aeries Technology.
In other recent news, Aeries Technology has launched its AI-Centered Global Capability Center initiative, embedding artificial intelligence across its worldwide operations to enhance innovation and cost efficiency. This initiative was successfully deployed within a healthcare portfolio company, scaling to over 300 employees in 15 months. Additionally, Aeries Technology announced the appointment of Elias "Eli" Mendoza as Chief Growth and Strategy Officer, bringing over 20 years of experience in private equity and corporate strategy to the role. In partnership news, Aeries Technology has teamed up with cybersecurity firm Fortra to establish Global Capability Centers in India and Mexico, aiming to bolster workforce and operational efficiency. The company has also disclosed significant changes to executive compensation agreements and corporate governance following its Annual Meeting of Shareholders. Shareholders approved amendments to the company’s Memorandum and Articles of Association and increased the number of Class A ordinary shares under the 2023 Equity Incentive Plan. Moreover, Aeries Technology confirmed the appointment of new directors and the selection of an independent accounting firm for upcoming fiscal years. These developments reflect Aeries Technology’s ongoing efforts in strategic expansion and operational transformation.
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