Black Box has entered preliminary negotiations to buy Nasdaq‑listed Aeries Technology for an estimated $70‑90 million, a striking premium that would lift Aeries shareholders from a current $36 million market cap to a valuation that eclipses its SPAC‑derived $656 million peak.
Aeries posted a net profit of $3.5 million in FY26 after a $21.6 million loss the previous year, turning a $70 million revenue into an adjusted EBITDA of $8.3 million – a margin of 11.9 %. The company has guided FY27 revenue to $80‑84 million, implying 14‑20 % growth from the current year.
Black Box’s Q1FY27 performance is a stark contrast: revenue climbed 24% to ₹1,719 crore, net profit 18% to ₹55.9 crore, and EBITDA surged 38% to ₹160 crore. These figures underscore a firm that is not only expanding but also improving profitability as it seeks a second overseas acquisition.
The Indian offshore services market is expanding rapidly. The Zinnov‑Nasscom GCC Landscape 2026 report cites 2,117 global capability centres employing 2.36 million people and generating $98.4 billion in revenue. Aeries serves this niche, working with private‑equity‑backed mid‑market firms that are increasingly setting up GCCs in India.
Black Box’s acquisition history shows a pattern: in 2019 Essar’s AGC Networks bought the U.S. public‑company Black Box Corporation, and in June 2024 it added Brazil’s 2S Inovações Tecnológicas to its portfolio. A deal with Aeries would mark its second purchase of a Nasdaq‑listed entity, potentially bringing longer‑term contracts and recurring revenue into its revenue mix.
If the transaction closes, Black Box could leverage Aeries’s GCC expertise to deepen its offshore service offering, while shareholders would benefit from a steep exit premium. Market watchers will keep an eye on Black Box’s next quarterly filing for guidance, and on whether the deal moves beyond the early‑talks stage.