Novac Technology Solutions eyes African expansion in digital transformation

Novac Technology Solutions (Novac), a Chennai-based company specialising in digital transformation and cloud solutions, has announced plans to expand its operations to Africa.

This development follows Novac Technology Solutions’ recent foray into Dubai through the establishment of its new subsidiary, Novac GT Technologies LLC. Owned by Shriram Group, Novac is engaging with potential partners in Africa, following its expansion into West Asia. “We are scouting for partners in Africa. It might take another three to six months to finalise,” remarked N S Nanda Kishore, director, and chief executive officer of Novac Technology Solutions.

As part of its global expansion strategy, Novac has formed a strategic partnership with Gibraltar Technologies, previously known as HCL Infosystems MEA. This well-established technology firm has a significant presence in the Middle East. Novac, with its expertise in design, advanced engineering, and cloud technology, has transformed operations and driven digital growth for over 100 brands across various Indian sectors, including fintech, insurtech, retailtech, immersive tech, and digital learning. The company facilitates seamless digital transitions for businesses.

“We have experienced rapid growth. Banking, financial services, and insurance (BFSI) have been our primary focus. During the current financial year (FY24), we have acquired about 60 new clients, 49 of whom are in the e-learning and augmented reality/virtual reality space,” Kishore added. Novac anticipates a growth of approximately 20 per cent in the current financial year, reaching about Rs 300 crore. Kishore further mentioned that the share of business from group companies is expected to reduce to 50 per cent by 2027, down from the current 80 per cent. Business Standard