Unimacts gets acquired by Zetwerk for $39 million
- ByStartupStory | December 1, 2022
Bengaluru-based contract manufacturing platform Zetwerk has announced that its fourth acquisition with Lexington will be US-based Unimacts. The cash-and-equity deal has valued Unimacts at $39 million, said Amrit Acharya, Co-founder and CEO of Zetwerk . Unimacts is a global manufacturing services company focusing on renewable energy, apart from construction equipment and industrial products.
“Nearly 10-12% of our revenue comes from international markets, the US is the largest. The purpose of the acquisition is to be closer to customers in the US and to build a leadership team in the country,” said Amrit, adding that solar has accounted 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.
Zetwerk also commissioned a factory in Noida for manufacturing wearable, IoT, and hearable devices in May. 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 has reported a operating revenue of $607 million for FY 2022.
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