Creation of Evolis India after finalisation of the acquisition of Rajpurohit Cardtec
Angers, 16 July 2013 – Evolis, the leader in the European market for personalised ID card printers, today announced the finalisation of the acquisition of Rajpurohit Cardtec Ltd, which distributes its solutions in India.
Evolis is positioning itself to seize growth opportunities in the Indian market
Further to the agreement signed in October 2012 and completion of the conditions precedent, the Evolis group has wrapped up the acquisition of 70% of Rajpurohit Cardtec Ltd., its long-standing distribution partner in India.
Founded in 1985, Rajpurohit Cardtec Ltd has become a benchmark player in the Indian market for personalised technology card solutions with sales of 497 million roupees in FY2012/2013, i.e. €6.9m.
The new subsidiary will be consolidated with effect from 1 July 2013, three months later than initially planned owing to local administrative constraints. Rajpurohit Cardtec is expected to contribute €2m to Evolis' consolidated sales in 2013. Moreover, its operating margin is expected to meet Group standards.
The acquisition of Rajpurohit Cardtec Ltd, to be renamed Evolis India, reflects the Group's "vertical" integration strategy, intended to boost the Group's capacity to operate in a market with strong growth potential.
The Indian authorities are gradually deploying a series of projects to introduce decentralised technology card print equipment for driving licences, identity cards and health insurance cards.
Demand for personalised cards is also growing in the traditional access control and identification markets and moving rapidly towards leisure solutions as well as more high-tech transportation and payment solutions.
The creation of Evolis India will enrich Rajpurohit Cardtec Ltd's technical, marketing and commercial expertise and strengthen its capacity to cater to customer demand. The incumbent management team and the entire staff will contribute their extensive local experience and in-depth knowledge of this market to the growth of Evolis India.
Rajpurohit's integration increases the workforce of the Evolis Group to 255 employees.