Capillary Technologies to Acquire Session M in USD 20 Mn Deal

SaaS firm Capillary Technologies has approved an investment in its wholly owned overseas arm to acquire US-based loyalty and engagement platform Session M Inc., according to a regulatory filing on Tuesday. The company’s board cleared an investment into Capillary Pte. Ltd. to purchase 100% shareholding in Session M, which is currently a wholly owned subsidiary of Mastercard.

The transaction will also include Session M’s Czech subsidiary.

Founded in 2011, Session M provides a cloud-based loyalty and customer engagement platform used by brands to manage consumer interactions and rewards.

Session M reported a turnover of USD 50.5 million in CY2025, compared with USD 54.5 million in CY2024 and USD 57 million in CY2023, indicating a gradual decline over the past three years. According to the disclosure, the acquisition involves a base cash consideration of USD 20 million and is expected to be completed within 180 days from the signing date.

Capillary Technologies recently made a muted stock market debut. Its shares listed at INR 560 on the BSE, about 3% below the issue price of INR 577, while on the NSE the stock opened slightly higher at INR 571.9.

Financially, the company reported a 16% rise in revenue from operations to INR 184 crore in Q3 FY26. However, profit declined 20% to INR 8 crore during the same period. By the close of trading on Tuesday, Capillary Technologies’ shares were priced at INR 512, valuing the company at a market capitalisation of INR 4,067 crore (approximately USD 447 million).