Bangalore-based Cades Digitech Pvt Ltd, a subsidiary of the product design and engineering services company Axis IT&T Ltd, is buying 76 per cent stake in Studec France’s wholly owned Indian subsidiary Studec Technologies India Pvt Ltd for an undisclosed amount, as per a stock market disclosure.
Cades signed an agreement with the French engineering company in February this year to acquire a majority stake in its India subsidiary. Post the acquisition, Studec Technologies India will be renamed as Cades Studec India Pvt Ltd.
Studec France largely caters to the aerospace and the defence sectors. Its Indian subsidiary was started in 2008 and offers a slew of services including documentation engineering, software support, software testing, design, legacy conversion and technical authoring of manuals. The firm employs more than 250 engineers working on various aerospace projects.
The acquisition will enable Cades to offer its services across aerospace and defence industries while its customers enjoy the dual advantages of European quality standards and Indian pricing.
Founded in 2001, Cades’ service portfolio includes engineering design, analysis, simulation, multi-body dynamics, virtual prototyping & testing, manufacturing engineering, product data management and technical documentation. It has also signed engineering services agreements with aerospace and defence entities like EADS, Boeing, Fokker Elrno, Premium Aerotec and BEML.
The company was initially backed by Infosys co-founder NS Raghavan’s private investment firm Nadathur Estates Pvt Ltd who invested $3.8 million in Cades in 2007 and another $7.53 million in 2009.
Noida-headquartered Axis IT&T Ltd provides a wide range of engineering design and business process outsourcing services with focus on mechanical engineering, architectural engineering and software services such as product design, 3D modelling & assembly, finite element analysis, reverse engineering and NC programming. The company has nine engineering design and development centres across North America, Europe and the APAC region. Its key customers include several Fortune 500 companies in the aerospace, defence, automotive, industrial product and heavy engineering domains.
(Edited by Sanghamitra Mandal)