Bengaluru-based Capillary Technologies India Limited announced on Tuesday the acquisition of SessionM, a customer loyalty and engagement platform formerly owned by Mastercard, for a base consideration of $20 million. Shares of the company rose 2.51 per cent to ₹524.60 on the on Wednesday, touching an intraday high of ₹545, in the morning.
The acquisition gives Capillary access to SessionM’s annualised recurring revenue of approximately $35 million and a client roster of over 40 enterprise customers, including five Fortune 500 companies. SessionM, founded in 2011 and headquartered in the US, serves clients across food and beverage, retail, airlines and oil and gas sectors, with over 70 per cent of its revenue coming from the Americas.
The combined entity is projected to have an ARR of approximately $115 million and a customer base of over 150, including 25 Fortune 500 companies. Capillary expects to achieve EBITDA profitability from the SessionM business in the first year post-acquisition and targets a cash payback period of under five years, consistent with its earlier deals.
A specialised team from SessionM will transition to Capillary as part of the agreement. The company plans to migrate SessionM’s customers onto its core platform over the next 24 to 36 months, estimating stable post-integration operations by CY2029. Capillary projects a consolidated adjusted EBITDA of approximately ₹398 crore by FY30.
This is Capillary’s fifth acquisition following Persuade (2021), Rewards+ and Brierley (2023), and Kognitiv (2025). The company, which listed on Indian exchanges in November 2025, is a recognised leader in the Forrester Wave for Loyalty Technology Solutions and currently serves clients across 47 countries. The deal is subject to customary closing adjustments including net debt and working capital.