Last Updated : Thursday, January 9, 2020 15:49:02

HFCL acquires 15% stake in NIVETTI SYSTEMS for 160 mln rupees

NEW DELHI | MUMBAI | RAJKOT – In a regulatory update submitted to the Indian Stock Exchanges, Solan (Himachal Pradesh) headquartered telecommunication cables manufacturing and telecom solutions providing Indian Company HFCL Ltd (formerly Himachal Futuristic Communications Ltd) said of having acquired 15% stake in Bengaluru headquartered Nivetti Systems Pvt Ltd for 160 million (~15.95 Crore) rupees.

The press-release, titled – “Acquisition of equity stake in Nivetti Systems Private Limited,” enclosed with the regulatory filing as submitted by the company to the Indian Bourses, it further read that, the Company has signed a Share Subscription Agreement (“Agreement”) on January 7, 2020, with Nivetti Systems Private Limited [CIN: U72200KA2014PTC073690), having its registered office at 4th and 5th Floor, Mech Block, PESIT South Campus, Hosur Road, Bangalore – 560 100 (“Nivetti”) and the existing promoters of Nivetti, to acquire 15% of the diluted paid-up equity share capital of Nivetti, in one or more tranches, by way of subscribing to its fresh equity.

Nivetti Systems Private Limited (“Nivetti”) size of Paid-up Capital stands at Rs.32,393/- with turnover of Rs.13,69,756/- (FY 2018-19).

Nivetti’s products include IP /MPLS Routers, Ethernet Switching portfolio that includes L2/L3 Switches, Carrier Ethernet & Cloud Management, Cloud Networking and Cyber Security Products & Solutions. Cyber Security products include HawkSecure™· an AI/ML based Threat detection, Visualisation & Forensics platform and Clay Net.

The Company is acquiring stake in Nivetti, keeping in line with thrust on addition of next generation products and solutions in its portfolio for telecom network and cyber security system space, a kind of forward integration.

The acquisition would result in increasing Company’s offerings of best in class networking and cyber security products & solutions resulting in growth in its Telecom, IT, Cyber Security & Surveillance business.

Nivetti is a new age Indian networking and cyber security company which is rethinking the way network and cyber security systems are to be built for trusted and secure communication in the era of shared network infrastructure and disaggregation of hardware and software.

Nivetti’s Network Operating System (Ni OS), which is India’s first indigenous Network Operating System delivers highly secure and scalable platform for hyper scale software defined networks running on custom hardware, White-box and Virtualized environments.

Nivetti was incorporated on February 18, 2014 and the financials of the company are as narrated below :-

  • Financial Year 2018-19 | Turnover of Rs.1,13,69,756
  • Financial Year 2017-18 | Turnover of Rs.1,21,651
  • Financial Year 2016-17 | Turnover of Rs.27,35,265 

All in all, this acquisition would help the Company to competitively address networking business in Telecom, IT, Safe and Smart Cities and Surveillance verticals, the company statement read.

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