Futuris Company Completes Acquisition of Akvarr Inc.

Rhea-AI Summary

Futuris Company (OTC PINK: FTRS) successfully acquired Akvarr Inc., a provider of IT consulting and talent solutions for Fortune 1000 companies, on October 1, 2021. This acquisition, aimed at expanding Futuris' portfolio, is expected to generate incremental revenue and profitability. Akvarr, established in 2007, has over 14 years of experience and a client list that includes GE, DELL, and Coca-Cola. The company also recently sold Pioneer, a previous acquisition, to focus on core operations.

Positive

• Successful acquisition of Akvarr Inc. expected to increase revenue and profitability.
• Akvarr has a strong client base, including Fortune 1000 companies.
• Strategic expansion of Futuris' service offerings in IT consulting and talent solutions.

Negative

• Disposal of Pioneer may indicate operational challenges or strategic realignment.

FAIRFAX, VA, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Futuris Company (OTC PINK: FTRS) a Human Capital Management (HCM) company focused on HCM Staffing, Consulting and Tech Services, today announced the successful completion of the acquisition of Akvarr Inc., a premier provider of IT consulting, engineering, talent solutions, agile project management and workforce management solutions to Fortune 1000 companies globally.

“We are thrilled to welcome the Akvarr team into the Futuris portfolio of operating companies”, said Kalyan Pathuri, President of Futuris.  Mr Pathuri continued, “I’m looking forward to working with the team to help expand their footprint and cross-sell their services across our assets to realize incremental revenue and profitability growth.”

Founded in 2007, Akvarr Inc. was established during the height of the stock market and real estate market crash. Against all odds, founders Vijai Anand and Amit Kekre, discovered that there was a way to do business where companies could leverage agile project management to avoid potential financial downfalls. Their rich experience in IT consulting, SAP consulting and technical knowhow enabled them to achieve exponential growth. Akvarr was subsequently recognized in 2011 as the fastest growing firm by the Silicon Valley Journal. The company went on to land GE and DELL in 2012 as their first Fortune 500 clients. Other large customers of Akvarr include Coca-Cola, Infosys, Goldman Sachs, Tesla and Verizon.

Currently, Akvarr Inc. boasts over 14 years of experience in IT consulting and providing talent management solutions. The company is headquartered in Fairfax, VA with offices across the United States and India. It has over 100 employees globally that serve mid-market to Fortune 1000 clients. Akvarr offers total workforce management solutions with people, processes and technologies to better serve a client’s needs. The company is a certified MBE and Pursuing Corporate Member of the National Minority Supplier Development Council, recognized as a minority owned business and MWAA-LDBE Certified.

Akvarr Solutions Service Offerings are organized across highly sought-after areas within the IT field. These services include application, digital, business consulting and architecture. In the areas of talent solutions (IT, financing, accounting, engineering and professional services), the company incorporates a client driven delivery model to provide staff augmentation, team resourcing, contract to hire and direct placement.

“We are delighted to join the Futuris family! With our combined experiences, we strongly believe that we will be leaving a lasting mark on the staffing industry,” says CEO of Akvarr Inc., Vijai Anand. The acquisition was closed on October 1, 2021.

Separately, as previously disclosed, the Company was in the process of unwinding Pioneer, a prior acquisition completed in August 2020.  On September 29^th, 2021, the Company completed the disposition of the business, and it was sold back to its former owners.  The Company will adjust its previously reported financial results to reflect Pioneer as discontinued operations. 

For more information, please visit www.akvarr.com.

We encourage shareholders to continually visit our website and social media platforms for updates.

Website: www.futuris.company

Twitter: www.twitter.com/futuriscompany

About Futuris Company 

Futuris is a Human Capital Management (HCM) company focused on executive search, Staffing and Consulting services specializing in verticals such as Medical, Accounting/Finance, Information Technology, Recruitment Process Outsourcing (RPO), and Legal. The Company is committed to building a global HCM company through highly targeted and accretive acquisitions and operational efficiencies. For more information, please visit http://futuris.company/.

Forward-Looking Statements

Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the risks and uncertainties set forth from time to time in reports filed by Futuris Company with the Securities and Exchange Commission. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business and although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward the forward-looking statements contained herein. The company undertakes no obligation to publicly release statements made to reflect events or circumstances after the date hereof.

Contact Information:

Futuris Company

Preya Narain

Email: info.it@futuris.company

Phone: (347) 837-0626

SOURCE: Futuris Company

FAQ

What is the significance of Futuris Company acquiring Akvarr Inc.?

The acquisition is expected to enhance Futuris Company's service offerings and increase revenue by leveraging Akvarr's established client base.

When was the Akvarr acquisition completed by Futuris Company?

The acquisition of Akvarr Inc. was completed on October 1, 2021.

What impact does the acquisition of Akvarr have on Futuris Company stock (FTRS)?

The acquisition is anticipated to positively impact Futuris Company stock by potentially increasing revenue and profitability.

Who are the key clients of Akvarr Inc.?

Akvarr Inc. has worked with notable clients including GE, DELL, Coca-Cola, and Tesla.

What services does Akvarr offer?

Akvarr provides IT consulting, engineering, talent solutions, and workforce management to its clients.