Essar Group-backed Black Box has now signaled intent regarding Nasdaq-listed Aeries Technology, demonstrating an active stance in expanding global enterprise capabilities. According to latest reports, Black Box is evaluating opportunities involving Aeries Technology to augment its technology services integration business. The potential acquisition aligns with Black Box's strategy to expand its global enterprise tech footprint, with the company's consolidated FY26 revenue of ₹6,322 crore providing operational capacity to pursue selective global growth opportunities. If structured formally, a strategic tie-up or acquisition could deepen Black Box's North American delivery ecosystem and broaden its technology services pipeline.
Aeries currently has a market capitalisation of about $36 million, representing a significant premium if the reported acquisition price of $70-90 million materialises. This valuation is substantially lower than the company's $656 million business combination with SPAC Worldwide Webb Acquisition Corp in March 2023, which closed in November 2023 and began trading on Nasdaq under ticker AERT. The company faced delisting risks earlier this year when its share price stayed below $1 for an extended period, requiring a 1-for-8 share consolidation in June to regain Nasdaq compliance. A buyer with strategic interest could offer Aeries shareholders an exit at a better price than the current market valuation.
Aeries operates as a Mumbai-based outsourcing and offshoring services provider, working alongside private equity partners to help companies establish and operate global capability centres (GCCs). The company maintains delivery teams in India and Mexico, with revenue of $70 million in FY26 and adjusted EBITDA of $8.3 million representing an 11.9% margin. Aeries returned to profitability with net profit of $3.5 million in FY26, compared to a loss of $21.6 million in FY25. The company has guided for FY27 revenue of $80-84 million, indicating growth of approximately 14-20%. This acquisition would take Black Box a step further into running offshore operations for clients, bringing longer contracts and recurring revenue.
According to the Zinnov-Nasscom GCC Landscape 2026, India had 2,117 GCCs as of FY2026, employing about 2.36 million people and generating an estimated $98.4 billion in revenue. The market is expanding beyond large enterprises to include mid-market companies and unicorns setting up GCCs in India. This aligns with Aeries' focus on working with PE-backed mid-sized firms, offering Black Box access to longer-term, recurring revenue contracts in the growing offshore operations market. The client base is also widening, with more mid-market companies and unicorns establishing GCCs in India.
Black Box reported consolidated FY26 revenue of ₹6,322 crore and EBITDA of ₹570 crore, backed by an order backlog of $792 million. The company secured a $131 million data center order from a U.S. hyperscaler in August 2026 and forged a strategic alliance with AIONOS in June 2026 to scale AI-led infrastructure and enterprise applications. Black Box reported Q1FY27 revenue of ₹1,719 crore, up 24% year-on-year, with net profit rising 18% to ₹55.9 crore and EBITDA increasing 38% to ₹160 crore. The company has previous experience with Nasdaq-listed acquisitions, having acquired Black Box Corporation in the US through Essar's AGC Networks in 2019, which added approximately $600 million to AGC's revenue.
