Sasken Completes $40 Million Acquisition of BORQS and Subsidiaries

On April 8, 2025, Sasken Technologies Limited announced the completion of its acquisition of BORQS International Holding Corp. and its identified wholly owned subsidiaries. The acquisition was executed through Sasken Design Solutions Pte. Ltd., a wholly owned subsidiary based in Singapore. The total consideration for the acquisition, including potential earn-outs, is up to US$40 million (approximately ₹338 crores), subject to adjustments and completion of specified conditions as outlined in the Share Purchase Agreement dated April 8, 2025.

Key Details of the Acquisition:

• Target Entity: BORQS International Holding Corp., a Cayman Islands-registered company (Registration No. 192127), along with its identified wholly owned subsidiaries.

• Industry: The target entities operate in the computer integrated systems design sector (Standard Industrial Classification: 7373).

• Purpose of Acquisition: This strategic acquisition aims to enhance Sasken’s capabilities in supporting customers through the entire lifecycle of connected device development. Services include ideation, intellectual property development, software and product realization, and hardware supply chain management.

• Nature of Transaction: The acquisition was a cash transaction and does not fall under related party transactions. There is no interest from the promoter or promoter group in the acquired entities.

• Regulatory Approvals: No governmental or regulatory approvals were required for this acquisition.

Following this acquisition, BORQS International Holding Corp. and its subsidiaries have become step-down subsidiaries of Sasken Technologies Limited, effective April 8, 2025. This move aligns with Sasken’s strategy to expand its offerings in the connected devices domain and strengthen its position in the market.