Dubai company ups potential offer for CyanConnode to £37.5m cash

That price, if followed through by the potential buyer, would be equivalent to 10.44 pence per share.

Esyasoft is a subsidiary of International Holding Company PJSC in Abu Dhabi and specialises in smart grid technology.

In March 2025, Esyasoft acquired UK renewable energy supplier Good Energy for around £99.4 million.

CyanConnode said the raised offer had been discussed by the board with the company's financial adviser. The Board says it would be willing to unanimously recommend the proposed revised offer to CyanConnode shareholders.

The Board believes that combining the businesses would lead to significant commercial and strategic synergies, particularly in relation to scale, capital support and international expansion opportunities, across both India and other countries.

Around a quarter of CyanConnode's group revenue has come from the Esyasoft Group in FY24 and FY25 combined, the Cambridge company has revealed.

The Board also mentioned what it called the significant financial support recently provided by Smart Sustainability Solutions Limited, a wholly-owned subsidiary of Esyasoft, in the form of convertible loan notes issued in May, June and November 2025, with an aggregate principal value of $20.25 million mainly to fund of its Goa project in India by the Esyasoft Group.

John Cronin, Group CEO and Chair of the company's India-based organisation, has been a driving force in growing the business internationally over recent years. He has said that the company is in a transformational phase and anticipates substantial growth in coming months.