Poovayya advise Axis on Cades acquisition

Axis IT&T, a Delhi based engineering software services firm owned by Rajeev Chandrasekhar, is in the process of acquiring 51 per cent in Cades Digitech, a product design and engineering software services firm providing services to aerospace, defence, automotive, transportation and energy sectors.

Anindita Phukan, the Corporate Advisory Partner, assisted by Chitra Raghavan, from the Bangalore-based Poovayya & Co., advised Axis IT&T on their acquisition. Speaking to Bar & Bench, Ms. Phukan confirmed that the transaction may hopefully close this week. Market rumours indicate that Axis will subsequently increase its stake in Cades to 100 per cent on achieving predetermined milestones.

Last year, the Rajeev Chandrasekhar-controlled Tayana Software Solutions Limited (TSSL), a wholly-owned subsidiary of Bangalore-based Jupiter Strategic Technologies, acquired a 60 per cent stake in Axis IT&T for an undisclosed amount. Poovayya & Co. also acted as advisors to TSSL on the Axis IT&T acquisition.