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    Zetwerk acquires Unimacts for $39M with eye on US solar, wind-power customers


    November 30, 2022 - Payal Ganguly

     

      The contract manufacturing platform acquired US-based Unimacts in a cash-and-equity deal to bolster its presence in the region.

      Bengaluru-based contract manufacturing platform Zetwerkhas announced its fourth acquisition with Lexington, US-based Unimacts. The cash-and-equity deal values Unimacts at $39 million, said Amrit Acharya, Co-founder and CEO of Zetwerk .

      Unimacts is a contract manufacturing and supply chain solutions company focusing on renewable energy, apart from construction equipment and industrial products.

      Zetwerk expects the Unimacts acquisition to help it gain access to marquee solar and wind-power customers in the US, which is the largest international market for the company.

      "Nearly 10-12% of our revenue comes from international markets, the US being the largest. The purpose of acquisition is to be closer to customers in the US and to build a leadership team in the country," said Amrit, adding that solar made up for nearly 80% of the demand for Zetwerk's renewable energy sector manufacturing capabilities.

      The executive team of Unimacts, including CEO Matthew Arnold, CFO Andrew Woglom, and COO Alan Hays, will be joining Zetwerk, along with the rest of the 200-member team. This will bring up Zetwerk's global employee count to about 1,900.

      "Partnering with Zetwerk will allow us to accelerate our growth and global reach, and provide more comprehensive solutions to our customers," Unimacts' Matthew said in a statement issued by Zetwerk.

      Earlier this year, Zetwerk announced the acquisition of three companies for a cumulative value of Rs 100 crore. The acquisitions included aerospace and defence manufacturer Pinaka Aerospace Solutions, oil and gas industry manufacturer SharpTanks, and The Wardha fabrication unit of Wheels India, which makes critical fabricated parts for the power, roads and railways industries.

      Zetwerk also commissioned a factory in Noida for manufacturing wearable, IoT, and hearable devices in May.

      "In situations where there is no supply in the country, we are open to catalysing the process and own that part of the supply chain. It is not possible for us to do this in all big markets," Amrit told YourStory.

      Zetwerk, which was valued at $2.7 billion in a funding round led by Greenoaks Capital in December 2021, has been EBITDA, or operationally, profitable for nearly 15 months now, according to the company. It was founded in 2018 by Amrit, Srinath Ramakkrushnan, Vishal Chaudhary, and Rahul Sharma.

      The company is on track to end FY 2023 with $1 billion in gross merchandise value, a proxy for the total value of goods sold, up from $770 million in FY 2022, said Amrit. The company had reported operating revenue of $607 million for FY 2022.

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