Saints & Masters acquires Xencia to cover AWS and Azure

Key Takeaways

• Saints & Masters acquired Xencia Technology in a 50% cash, 50% share swap deal to add Microsoft Azure expertise
• The combined entity now covers AWS and Microsoft Azure, which together hold about 50% of the cloud market
• S&M targets ₹1,000 crore in Microsoft Cloud revenue over the next few years, up from ₹240 crore total in FY26

Saints & Masters, a Bengaluru-based technology consultancy, has acquired Microsoft solutions partner Xencia Technology to expand its multi-cloud capabilities. The deal, which closed on June 26, brings the combined entity to a post-money valuation of ₹300 crore. S&M structured the transaction as 50% cash (paid through equity and debt) and 50% share swap, with no debt extended to Xencia.

This marks S&M's second cloud-focused acquisition this year. In March, the firm bought Nubinix Technologies, an AWS partner. Now it has Microsoft Azure expertise in-house too.

Why S&M needed both AWS and Azure

AWS and Microsoft Azure together control roughly 50% of the global cloud market. Most enterprises run workloads across both platforms, not just one. That creates demand for consultancies that can handle migrations, security, and AI deployments on either hyperscaler.

"Enterprises typically run a multi-cloud structure using Microsoft and AWS together, so we wanted partnerships across all of them," said Jaikrishnan G, CEO of Saints & Masters. The company also mentioned plans to add GCP and Oracle partnerships.

Xencia, founded in 2010, holds eight Microsoft advanced specialisations in areas including app modernisation, Azure infrastructure, security, and data and AI. It counts more than 500 cloud customers and 150+ Azure-certified professionals. The firm has completed over 80 large data centre migrations and holds ISO 27001, SOC 2 Type 2, and PCI DSS certifications.

What S&M plans to do next

The company reported ₹240 crore in revenue for FY26 with a net profit of ₹24 crore. Its stated goal is to scale the Microsoft Cloud business alone to ₹1,000 crore in revenue over the coming years. That's an ambitious target, roughly four times the entire company's current top line.

S&M plans to add teams in Bengaluru, Kochi, and Chennai post-acquisition. It's also looking to grow revenue from overseas markets including the UK, Australia, and Serbia. The company currently has over 300 practitioners across eight countries.

The firm works with clients in banking, financial services, insurance, ecommerce, and manufacturing. Jaikrishnan noted that banks have been slower to adopt cloud services compared to ecommerce players, which have moved faster.

The deal structure

S&M paid for Xencia with a mix of instruments. Half the deal value came in cash, funded through equity and debt raised by S&M. The other half was a share swap where Xencia's promoters received S&M shares. Xencia itself took on no debt in the transaction.

This structure lets Xencia's founders maintain skin in the game while giving S&M flexibility on cash outflow. It's a common playbook in Indian IT services M&A, where acquirers want continuity from the target's leadership team.

Sector context

Indian cloud services adoption is accelerating, but it's uneven. Financial services firms face regulatory constraints that slow public cloud migration. Manufacturing companies often lack internal IT teams to manage the transition. Ecommerce and digital-native businesses, by contrast, have already moved most workloads to the cloud.

For mid-sized consultancies like S&M, the opportunity lies in helping the laggards catch up. The large IT services firms (TCS, Infosys, Wipro) compete for the same enterprise deals but often focus on bigger contracts. Smaller specialists can sometimes move faster and offer more hands-on attention.

Frequently Asked Questions

What does Saints & Masters do?

S&M is a B2B technology consultancy that helps enterprises implement cloud, AI, data, and cybersecurity solutions. It works primarily with Microsoft and AWS platforms across banking, ecommerce, and manufacturing sectors.

How much did Saints & Masters pay for Xencia?

The exact purchase price was not disclosed. The combined entity has a post-money valuation of ₹300 crore after the deal, which was structured as 50% cash and 50% share swap.

What Microsoft specialisations does Xencia hold?

Xencia holds eight Microsoft advanced specialisations covering app modernisation, security, modern work, Azure infrastructure, data, and AI.

Why are enterprises using multiple cloud providers?

Companies use multi-cloud setups to avoid vendor lock-in, optimise costs across providers, and use each platform's strengths for different workloads. AWS and Microsoft together hold about 50% of the market.

Source: Tech-Economic Times / ET