Hyderabad-based IT services firm Cyient Ltd said on Thursday it is set to acquire Singapore-based Grit Consulting for a total consideration of $37 million, to strengthen its technology consulting practice and gain access to new customer portfolios.
The acquisition is expected to be completed on or before 5 May, 2022.
Grit Consulting has expertise in consulting for asset-intensive industries like metal mining and energy and through this acquisition, Cyient will leverages customer, geographic, and talent synergies to enable expansion and deepen its mining industry footprint.
The global consulting services market is expected to cross $1.2 trillion by 2025, and the acquisition of Grit Consulting will help Cyient accelerate its consulting capabilities and deliver innovative technology solutions to its customers.
“Grit is well established in the mining and energy space and will allow for the rapid expansion and deepening of Cyient’s footprint in these industries by leveraging customer, geographic, and talent synergies. To complement this, Cyient continues to invest in developing innovation hubs and CoEs to strengthen its digital transformation capabilities and provide innovative solutions to its customers,” Cyient said in a statement.
“We are expanding our Cyient Consulting practice with this investment. It aligns with our consulting-led growth strategy, and we see great synergies across talent, footprint, and customers. With Grit Consulting’s expertise in business transformation and our technology solutions capabilities, we can deliver strategic outcomes for our customers,” said Krishna Bodanapu, chief executive and managing director, Cyient.
Grit Consulting had a turnover of $18.1 million in FY22 and about 100 employees and consultants working for the company till date.