Kulkarni Inc.'s advises Websym closes a major deal with Deloitte India: cutting-edge IoT assets "Tezeva" & "FactoryWize" acquired by the Big4 company

SRV Media

New Delhi [India], May 24: Under the guidance of the renowned financial advisory and investment banking venture, Kulkarni Inc., Websym, a cutting-edge tech start-up based in Pune has recently closed a robust deal with the internationally acclaimed Big4 entity, Deloitte (Deloitte India). The deal revolves around the acquisition of two of Websym's prime tech assets, Tezeva and FactoryWize, that have come to be known in the tech sphere for their in-demand, superlative IoT (Internet of Things) capabilities.

As an advanced connected products platform, Tezeva helps OEMs (Original Equipment Manufacturers) monitor remote assets and products and track their real-time health and performance, while FactoryWize ensures that manufacturers can not only streamline their operations but also increase their profitability and efficiency.

As part of the deal, in addition to acquiring the IoT products, Deloitte India, gunning to expand its IoT abilities, also absorbed the leadership team and senior experts at Websym so that its extensive experience in the process could be leveraged for a seamless expansion of operations and servicing. This lucrative acquisition attests to not only the premium and industry-geared product development caliber of Websym but also the venture's eye for talent.

About the acquisition, Parag Kulkarni, President, of Kulkarni Inc said, "At Kulkarni Inc, we take pride in our role as facilitators of the successful acquisition of Websym's 'Tezeva' and 'FaktoryWize' by Deloitte India. This deal signifies the growing momentum in the digital assets and IoT space, reflecting the evolving landscape of technology-driven solutions and their impact on businesses. As we witness this surge in deals, we remain committed to navigating the macro perspective and providing strategic guidance to organizations seeking to capitalize on the opportunities presented by the digital revolution."

On a similar note, Dr. Amita Kulkarni, Co-founder, of Kulkarni Inc., said, "It is a matter of pride for us to have handheld Websym to secure this major deal with Deloitte India, our 2nd concluded deal in last 6 months." Speaking about the significance of strategic partnerships and their necessity in the market, she added, "The current macro-level outlook presents immense opportunities for strategic partnerships and acquisitions. It is through such collaborations that companies can harness the power of technology and propel themselves towards growth, transformation, and staying ahead of the competition."

Expressing their views of the key role Kularni Inc. has played in the milestone that the Deloitte deal marks, Ashish Nene, Founder, Websym said, " When we decided to raise funds for Websym or consider an option to look for a potential strategic buyer, we realized that this would be a fairly involved and complex process. Over the course of nearly 1.5 years, we found ourselves engaging with 2-3 potential buyers and faced challenges where we had to carefully weigh our options and make tough choices where we also had to decline some of the offers due to valuation or fitment issues. Having a strategic and financial advisor who possesses a deep understanding of valuation and the M&A landscape proved to be crucial in helping us navigate these intricate decisions. Parag provided us with unwavering support throughout the process. His technical expertise and insights played a vital role in helping us make informed decisions that carried significant financial and career implications for numerous individuals, including our employees. Websym concluded a deal with Deloitte India in early 2023 and I would like to thank Parag for all the help and advice provided during our acquisition journey."

Echoing Mr. Nene's thoughts, Subramhanya Hathwar, Founder, of Websym remarked, "Building an IoT product company requires a combination of visionary thinking, technical expertise, and strategic guidance. While evaluating multiple offers on the table, we focused on potential synergies with acquirers with respect to strategic outlook, market focus, and reach in multiple geographies. Parag and his team helped us immensely in evaluating multiple deal structuring options keeping in mind the need to ensure that the interests of all stakeholders are met. Many a time they went above and beyond their remit in providing us with innovative ideas that provided us with the insights needed to make informed decisions. Their deep knowledge and advice were instrumental in the choices that we made while finalizing the transaction. I would like to thank Parag for his steadfast support, guidance, and assistance through the 18-month period while the deal was concluded."

Given the technological advancement that the onset of Industry 4.0, the latest chapter of the Industrial Revolution has ushered in, the financial services industry will have to concentrate more and more on performing evaluations on intangibles such as IoT devices and processes. While such evaluations are emergent tasks in the BFSI sector, Kulkarni Inc. has already successfully led the change and assisted many of its clients carry out substantial transactions, deals, mergers, and acquisitions in the nascent domain.

CA Pushkar Kulkarni, Consultant, Kulkarni Inc shed light on the efforts Kulkarni Inc. has put in to drive the success of the acquisition of the Websym assets and said, "Performing a comprehensive valuation goes far beyond crunching numbers on Excel spreadsheets. It involves delving into various stress scenarios, analyzing the competitive landscape, and conducting rigorous research. This deal confirms the inception of a new era for larger IoT and digital asset transactions in the South Asian economy." Adding to that note, Dr. Jagdish, Senior Associate, Kulkarni Inc. observed, "Valuation of IT products and services is very peculiar as it has a flavour of virtual and intangible ingredients. Measuring the worth of the IT assets as well as its potential in the market was a great journey in itself."

CS Rucha, Associate, Kulkarni Inc, further elaborated on the deal saying, "Letter of Intent (LOI), internal Memorandum of Understanding (MOU), and the Definitive agreement lay the foundation for a successful deal, requiring careful consideration of legal provisions, risk assessment, and ensuring the interests of all parties involved. Our role was to safeguard the integrity of this transaction and uphold the highest standards of legal advisory."

For the Websym-Deloitte deal as well, much like all its client servicing processes, Kulkarni Inc., exhibited an unwavering commitment to offering the highest level of services and advisory. This garnered the Investment Banking company much appreciation from the tech start-up. For example, an elated Unmesh Bhathija, Founder, of Websym, spoke about the premium serving the company received from Kulkarni Inc. saying, "With the support of our dedicated team and the expertise of Shreedhar, our statutory auditor & Parag, our consultant, we have been able to navigate the complexities of this transaction and ensure adherence to the highest standards of corporate governance. I am thrilled with the successful acquisition of 'Tezeva' and 'FaktoryWize' by Deloitte India. This deal not only marks a significant milestone for our company but also highlights the immense growth potential in the IoT industry."

Similarly, Shripad Shingne, Founder, Websym stated, "The involvement of our statutory auditors throughout the deal-making process has been invaluable, ensuring transparency, accuracy, and adherence to regulatory requirements. Websym's dedication to delivering cutting-edge technology solutions combined with robust financial practices has positioned us as a trusted partner in the digital transformation journey."

CA Shreedhar Pathak, Statutory Auditor, Websym echoed, "Fair disclosures and honest accounting practices play a crucial role in ensuring the accuracy and reliability of data, which is of utmost importance in deal-making. These practices not only instill confidence in potential investors but also provide a solid foundation for making informed decisions throughout the deal-making process. This deal confirms the credibility brought by audited accounts in finalizing the deal."

Known for its expertise in various financial products, including Equity Valuation, Derivative Valuation, Debt Syndication, Founders Agreement, and Succession Planning, among others, Kulkarni Inc., founded by Harvard Business School Alumni, Parag Kulkarni, has over the last decade carved its space in the financial services industry. Currently, the company, which began its journey as a research organization in the sector, boasts a track record of having handled $ 2.3 bn in Debt, Equity, and Hybrid Instruments for several companies across India, Singapore, the USA, and Europe, and is resolved to further its legacy by being part of many more financial processes of note.

For more information, please visit: www.fairvaluation.com

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