eMudhra Limited — M&A Activity 2024

Jul 30, 2024

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EL/SEC/2024-25/48

July 30, 2024

Corporate Relationship Department BSE Limited 1st Floor, New Trading Ring Rotunda Building, P J Towers, Dalal Street, Fort, Mumbai - 400 001

Script Code: 543533

The Manager, Listing Department National Stock Exchange of India Limited "Exchange Plaza', C-1, Block G, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051

Symbol: EMUDHRA

Dear Sir/Madam,

Sub: Acquisition of Sendrcrypt Technologies Inc, USA

Pursuant to Regulation 30(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Regulations), we are happy to inform that eMudhra Inc, wholly owned subsidiary company of eMudhra Limited has concluded and signed definitive agreements to acquire 100% ownership interest of Sendrcrypt Technologies Inc, USA, a email security product and solutions company for a consideration of US $ 3 million.

The acquisition is subject to customary closing conditions, which are expected to be completed within about 2 weeks. Accordingly, the Company will inform the closure of the transaction to the Stock Exchanges.

In this regard, please find enclosed intimation and the details of the said acquisition as prescribed under Reg. 30(2) and (6) of the Regulations read with Schedule III to the Regulations and the SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, as Annexure.

This is for your information and records.

Thanking you

Yours faithfully,

For eMudhra Limited

Digitally signed JOHNSO by JOHNSON XAVIER N XAVIER Date: 2024.07.30 17:08:39 +05'30'

Johnson Xavier Company Secretary & Compliance Officer Membership No. A28304

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			Description SendrCrypt Technologies Inc is based in New Jersey, USA. Sendrcrypt has been engaged in providing top- tier email security solutions to protect digital communications. Sendrcrypt flagship product, Sendrcrypt Email Security Suite, leverages advanced encryption to ensure the confidentiality and integrity of emails across multiple platforms, including Windows, macOS, iOS, and Android. With the increasing prevalence of cyber threats, Sendrcrypt mission is to offer unparalleled email security that meets the highest industry standards. Sendrcrypt email security product will compliment eMudhra’s suite of cyber security products. The revenue from for the year ended March 31, 2024 amounted to USD 0.5 million. The acquisition will not fall under related party transaction. The promoter/ promoter group have no interest in the underlying assets or entity being acquired. Technology product and Solutions. eMudhra has been in the digital trust, digital security and digital transformation space for past 15 years. Over the years, eMudhra has established a strong footprint in India and has also grown reasonably well in the emerging and developed markets with marquee reference customers. eMudhra’s current cyber security solutions take care of individual security, web security and IoT security. eMudhra currently does not have a solution on email security. Acquisition of Sendrcrypt will compliment eMudhra’s cyber security suite by adding email security product and relevant reference customers.
	Sl. No.	Item of Disclosure	Description
	1.	Name of the target entity, details in brief such as size, turnover etc.;	SendrCrypt Technologies Inc is based in New Jersey, USA. Sendrcrypt has been engaged in providing top- tier email security solutions to protect digital communications. Sendrcrypt flagship product, Sendrcrypt Email Security Suite, leverages advanced encryption to ensure the confidentiality and integrity of emails across multiple platforms, including Windows, macOS, iOS, and Android. With the increasing prevalence of cyber threats, Sendrcrypt mission is to offer unparalleled email security that meets the highest industry standards. Sendrcrypt email security product will compliment eMudhra’s suite of cyber security products. The revenue from for the year ended March 31, 2024 amounted to USD 0.5 million.
	2.	Whether the acquisition would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at “arm’s length”;	The acquisition will not fall under related party transaction. The promoter/ promoter group have no interest in the underlying assets or entity being acquired.
	3.	Industry to which the entity being acquired belongs;	Technology product and Solutions.
	4.	Objects and effects of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity);	eMudhra has been in the digital trust, digital security and digital transformation space for past 15 years. Over the years, eMudhra has established a strong footprint in India and has also grown reasonably well in the emerging and developed markets with marquee reference customers. eMudhra’s current cyber security solutions take care of individual security, web security and IoT security. eMudhra currently does not have a solution on email security. Acquisition of Sendrcrypt will compliment eMudhra’s cyber security suite by adding email security product and relevant reference customers.

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	5.	Brief details of any governmental or regulatory approvals required for the acquisition;	No such approval required.
	6.	Indicative time period for completion of the acquisition;	About 2 weeks
	7.	Nature of consideration - whether cash consideration or share swap and details of the same;	Entire consideration is proposed to be paid in cash.
	8.	Cost of acquisition or the price at which the shares are acquired;	USD 3 million for 100% interest;
	9.	Percentage of shareholding / control acquired and / or number of shares acquired;	100% interest as above.
	10.	Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, country in which the acquired entity has presence and any other significant information (in brief);	Sendrcrypt is a technology company based in New Jersey, USA, specialising in email security solutions to protect digital communications and has been incorporated on February 15, 2024 by transferring the IP and business developed by promoters.