Dev Information Limited has acquired Minddeft Technologies, an Ahmedabad-based start-up that provides blockchain and enterprise solutions with tech innovations.

This acquisition will offer Dev IT a better market synergy, while Minddeft Technologies can strengthen its hold in the blockchain sector. Under the agreements signed by both parties, Dev IT now holds a 100 per cent stake in Minddeft Technologies.

GetFive Corporate Advisors LLP, an Ahmedabad-based boutique investment banking and mergers and acquisitions transaction advisory firm, was the advisor that executed this deal in under four months. 

Founded in 1997, Dev IT is a publicly listed IT infrastructure and information solution provider that provides a mix of information technology, innovation and digital transformation. 

In a recent regulatory filing, it announced that it was planning to foray into the blockchain domain by expanding into several use cases driven by blockchain and Web 3.0 companies. "Apart from the numerous technological advantages that blockchain technology brings, by the end of 2026, it is expected to reach $67.4 billion, at a CAGR of 68.4 per cent as per various reports," it added.

Founded in 2015, the Ahmedabad-based Minddeft Technologies provides blockchain and enterprise solutions to logistics, fintech, healthcare, real estate and cryptocurrency companies. It recently collaborated with the Adani Institute of Digital Technology Management and Orena Solutions to upskill IT students and professionals in the cloud, AI/ML, blockchain and ongoing digital transformation technologies.