Germany’s RIB Software SE has invested in Nashik-based Winjit Technologies Pvt. Ltd to strengthen its capabilities in emerging technologies such as internet of things and artificial intelligence.
Frankfurt-listed RIB Software, a cloud enterprise technology provider, said in a statement it has acquired a 15% stake in Winjit and may take a controlling stake over the next four years.
RIB Software didn’t disclose the deal value, but said the investment was based on seven times Winjit’s expected earnings before interest, tax, depreciation and amortisation for the fiscal year 2019.
The German company said the investment will help bring products based on internet of things, artificial intelligence and machine learning, blockchain and fintech into RIB’s portfolio. It will also help accelerate the digitalisation and automation for the architecture, engineering and construction industry.
RIB, which was founded in 1961 and listed on the Frankfurt Stock Exchange in 2011, provides cloud enterprise technologies for the construction and real estate industries.
Its services include computer-aided design (CAD) integration, CAD civil construction, cost planning and 5D model machining. It has over 1,400 employees across 30 offices worldwide, according to its website.
Winjit was founded in 2004 by Abhijit Junagade and Ashwin Kandoi. Its products include full-scale IoT platform IoTSense and machine learning-based data platform PredictSense that helps solve real-time business problems.
Winjit employs more than 300 IT professionals in New York, Johannesburg, Bengaluru, Nashik and Pune. It caters to clients in about 35 countries, with a strong focus on the US market.
Ruby Capital, a financial and management consulting group, was the adviser to Winjit and its founders on the transaction.