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NSEIT acquires majority stake in Cloudxchange.io

cloudxchange io

NSEIT Ltd announced on Wednesday that it has acquired a majority stake in integrated cloud service provider Cloudxchange.io. The financial details of the deal remain undisclosed. 

In a statement, NSEIT said that with this acquisition, it intends to provide end-to-end digital transformation solutions from cloud to security.

Established in 2016, Cloudxchange.io is a multi-cloud managed service provider for AWS, Azure, Google, and Oracle Cloud. It has extended its offerings to cloud consulting, multi-cloud aggregation, cloud back-up, and disaster recovery (DR). It has more than 250 business clients across verticals including Banking, financial services and insurance (BFSI), manufacturing, logistics, and the government.

Commenting on the development, Vikram Limaye, MD and CEO, NSEIT said, ‘In the current pandemic situation, India’s financial services sector is focused on migrating to virtual operations. This need of the hour has led to increasing demand for secure, scalable, and cost-efficient infrastructure, thus leading to higher levels of cloud adoption and cloud infrastructure spends.’

‘With the addition of Cloudxchange.io to NSEIT’s digital portfolio, the NSEIT team will be poised to serve the growing demands of the financial services sector,’ he added. 

In a joint statement, Co-founders of Cloudxchange.io, Vishal Chandane, Neelesh Kankane, and Nilesh Rane, stated association with NSEIT will provide us the platform and reach to extend further into domestic and international markets.

N Muralidharan, CEO and MD, NSEIT, added, ‘The Cloudxchange.io acquisition will give us an edge to provide an integrated solution by offering cloud transition, knowledge-driven digital transformation solution along with embedded cybersecurity.’

In recent times, the entire industry has observed a huge surge in cloud adoption, especially during the pandemic. As per a report published by Nasscom, 63 percent of India’s companies have increased investments in hybrid cloud which is higher than the global average of 46 percent.

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