Capillary Technologies Acquires Mastercard-Owned SessionM in $20 Mn Deal

SaaS company Capillary Technologies has approved an investment in its overseas subsidiary to buy US-based loyalty platform Session M Inc., according to a regulatory filing released on Tuesday.

The board has approved investing in Capillary Pte. Ltd. so it can acquire 100% of Session M. Currently, Session M is fully owned by Mastercard Inc.. The deal will also include Session M’s subsidiary in the Czech Republic.

Founded in 2011, Session M runs a cloud-based platform that helps businesses manage customer loyalty and engagement programs. The company reported revenue of $50.5 million in 2025, compared to $54.5 million in 2024 and $57 million in 2023, showing a slight decline over the years.

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The deal includes a base cash payment of $20 million and is expected to be completed within 180 days from the signing date.

Meanwhile, Capillary Technologies had a quiet stock market debut. Its shares were listed at Rs 560 on the BSE, about 3% lower than its issue price of Rs 577. On the NSE, the stock opened slightly higher at Rs 571.9.

In Q3 FY26, Capillary Technologies reported a 16% increase in revenue from operations, reaching Rs 184 crore.

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However, during the same period, the company’s profit fell by 20% to Rs 8 crore.

By the end of today’s trading session, Capillary’s share price was Rs 512, giving the company a total market value of around Rs 4,067 crore (about $447 million).