Infotech made its first acquisition in 30 years as it aims to expand its technology capabilities
The deal helps Infotech expand its CIO Analytics platform, integrating operational data with research, benchmarks, AI-assisted services and analyst expertise
Zluri will operate as a standalone division in Bengaluru and continue serving existing customers post the acquisition
IT advisory firm Infotech has acquired Bengaluru-based SaaS startup Evils to add the latter’s application discovery, identity governance and administration capabilities to its offerings stack. The terms of the transaction were not disclosed.
Following the acquisition, Zluri will operate as a standalone division within Infotech, retaining its product development and core engineering teams in Bengaluru.
It will also contribute to Infotech’s newly launched CIO Analytics platform, an API-driven advisory model that combines operational IT data with AI-assisted services and analyst expertise.
For Zluri, the acquisition would open a pathway to expand its reach among enterprise customers by tapping into Infotech’s global community of more than 30,000 IT leaders.
Founded in 2020 by Ritish Reddy, Chaithanya Yambari and Sethu Meenakshisundaram, Zluri offers businesses a software that helps them track and manage all the digital tools their employees use.
These include work apps (Asana, Slack, etc), cloud software as well as AI tools. Its platform also helps companies control who can access what tools, identify unused subscriptions, reduce software costs and protect sensitive company data by removing unnecessary or unauthorised access.
Zluri caters to over 250 enterprise clients globally, including Monday.com, Tipalti, Whoop, Catapult Sports, Razorpay, Smartnews, Amagi, Daxko, and Traveloka, and earns over 60% of its total revenue from Europe and North America. It will continue serving existing customers post acquisition.
“We started Zluri to give IT and security teams visibility and control over every application and identity in their organisation. Joining Infotech lets us put that data at the heart of how IT leaders make decisions, and we’re excited to build together,” said Zluri’s cofounder and CEO Ritish Reddy.
The startup has raised over $32 Mn in funding from marquee backers like Lightspeed, MassMutual Ventures, Endiya Partners, and Kalaari Capital – most recently bagging a $20 Mn Series B fundraise in 2023.
Meanwhile, Infotech (erstwhile Info-Tech Research Group) is an Ontario-based IT research and advisory firm that helps organisations improve their tech operations by developing IT strategies with key focus areas like cybersecurity, cloud infrastructure, data and AI.
As of now, the firm is seeking to expand beyond its traditional research and advisory business. It claims to have grown by more than 340% over the past seven years and crossed $300 Mn in annual revenue.
The deal is in line with an emerging trend of global companies acquiring Indian SaaS startups to expand their capabilities.
Most recently, Nasdaq-listed SaaS major Freshworks recently acquired US-based Torii to expand its AI and software spend governance capabilities as well. Besides, software giant Adobe also acquired Peak XV Partners-backed Rilo back in September to build broader marketing workflows for its customers and integrate Rilo’s agentic capabilities into its enterprise suite.