Canarys Expands with Fortira Inc. Acquisition: A Strategic Move into AI-Driven Solutions

Canarys Automations Limited has acquired a 51% stake in Fortira Inc., a New Jersey-based AI and ML enterprise. The $5 million deal, aligned with Canarys' digital transformation goals, marks a step into the North American market. The acquisition is funded without debt, with plans for full ownership by 2028.

Canarys Automations Limited (NSE: CANARYS), a top player in digital transformation and technology solutions, has successfully acquired a 51% stake in Fortira Inc. The New Jersey-based enterprise specializes in Artificial Intelligence and Machine Learning technologies. This strategic move, finalized on April 15, 2025, signifies Canarys' ambitious expansion into the North American market.

Fortira Inc. brings over 15 years of experience delivering innovative solutions across BFSI, healthcare, and pharmaceutical sectors. According to Mr. Sheshadri Srinivas, Canarys CEO, the acquisition will enhance Canarys' capabilities in the AI and ML sectors. Fortira's robust customer relationships in the U.S. will strengthen Canarys' market penetration strategy in these fields. The partnership is set to spur growth, creating substantial value for both organizations.

The acquisition, valued at USD 5 million, aligns with Canarys' vision of being a global technology leader. The deal was funded through IPO proceeds, promoter subscriptions, and internal resources, maintaining Canarys' debt-free stance. A full acquisition of Fortira is planned within the next three years, as Canarys continues to deliver innovative digital services globally.

(With inputs from agencies.)