Hyderabad-based software services company Cyient Ltd said on Tuesday it will acquire the 49% stake it doesn’t already own in unit Cyient Insights Pvt. Ltd for $515,777 (Rs 3.5 crore) in cash.
The transaction is subject to customary closing conditions and is likely to be completed within seven days, Cyient said in a stock-exchange disclosure.
Cyient Insights provides business insights, predictive action planning and digital transformation services to clients in the industrial and aerospace industries. It is also expanding into other industries such as medical and automotive, according to the filing.
Cyient Insights was earlier known as Invati Insights Pvt. Ltd. Cyient acquired a 51% stake in the Hyderabad- and Michigan-based data sciences company in October 2014. It had paid Rs 8.79 crore for the stake, according to its 2015 annual report.
Incorporated in May 2013, Cyient Insights acquires, manages and analyses the vast amount of data generated by sensors embedded in machines and devices. Its revenue rose to Rs 13.35 crore for the year through March 2018 from Rs 5.82 crore in the previous year.
Cyient is a mid-tier IT services company specialising in enterprise research and development and geospatial information systems. The company focuses on sectors such as aerospace and defence, medical, telecommunications, rail transportation, semiconductor, utilities, industrial, energy and natural resources. It has over 15,000 employees in 21 countries.
Cyient posted a consolidated net profit of Rs 403.1 crore on net sales of Rs 3,917.5 crore for 2017-18.
The company has struck several merger and acquisition deals in recent years to expand its business.
Last month, Cyient bought semiconductor company AnSem NV for $17 million (Rs 113.5 crore).
In September 2017, Cyient Defense Services Inc., a step-down subsidiary of Cyient, agreed to acquire US-based B&F Design Inc. for $5.5 million.
In January 2017, Cyient purchased US-based Certon Software Inc for $7.5 million.
In November 2016, it bought UK-based Blom Aerofilms Ltd to expand its offerings in the geo-spatial segment. Leave Your Comment