Kathmandu, August 21
A three-year-old Nepali tech startup, Adex International, founded by two young entrepreneurs, Saurabh Subedi and Projwal Sharma, has been acquired by a US-based company for 2.4 million US dollars (around Rs 330 million).
According to a press release, American tech firm TechBay Digital has signed an agreement to acquire all shares of Adex. The company stated that merging with a US technology firm at a valuation of 2.4 million dollars within just three years of operation is a significant milestone.
“This deal marks an important moment for the growth of both companies and signals Nepal’s growing presence in the global technology sector,” the release said.
Adex has been providing cloud consulting, AWS consulting, and DevOps services. In a short span, it has become one of Nepal’s leading cloud consulting companies, creating more than 60 high-value jobs, the company said.
The startup was established in 2020 by chartered accountant Saurabh Subedi and aerospace engineer Projwal Sharma, though operations formally began in mid-2022. Subedi, who studied chartered accountancy in India, and Sharma, who returned to Nepal after studying in the UK, said they founded Adex seeing the potential of the technology sector in Nepal.
“Building a thriving tech business within just three years has been a remarkable achievement for us,” Subedi said.
Co-founder Sharma added that TechBay Digital plans to further develop Adex and take it to new heights.
Subedi explained that Adex had previously worked for a company affiliated with TechBay. “They appreciated our office, workforce, and quality of service, which led them to pursue acquiring the company,” he said.
He noted that Nepal is increasingly becoming an outsourcing hub, and TechBay was interested in setting up a back office in Nepal. Since TechBay itself specializes in cloud consulting, the firm saw value in acquiring Adex.
The share transfer will take place in phases, according to Adex. The process is expected to be completed within six to eight months.
“They will make payments in stages, with share transfers taking place accordingly. The deal will likely be completed in two or three phases,” Subedi said.
