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IT solutions firm Cyient to acquire Blom Aerofilms

07 November, 2016

IT solutions firm Cyient Ltd has acquired UK-based Blom Aerofilms Ltd to expand its offerings, the company informed stock exchanges.

Blom Aerofilms  provides ground surveying, digital mapping, aerial photography and laser scanning solutions It has a 10% EBITDA margin while its CY15 revenues stood at  £6 million, Cyient said.

The acquisition would soon be accretive to Cyient’s earnings per share (EPS). 

“By combining Blom Aerofilms and Cyient’s geospatial business, Cyient will be well positioned as a complete service provider covering acquisition, modelling and processing services,” said John Renard, Cyient’s president, EMEA and BU head for utilities and geo-spatial. 

The firm has been pursuing an aggressive acquisition strategy. In July 2015, Cyient acquired Singapore-based Global Services Engineering Asia from aerospace engine manufacturer Pratt & Whitney for an undisclosed amount. 

In January 2015, Cyient bought 74% equity stake in Mysore-headquartered Rangsons Electronics Pvt. Ltd, an electronics systems design and manufacturing (ESDM) services company.  

Cyient has attracted several private equity firms as investors. PE firm Carlyle had picked up a 10% stake in the firm for Rs 210 crore in 2012. 

PE firm ChrysCapital, which had initially invested Rs 80 crore to Rs 90 crore ($15 million then) in May 2013 in Cyient, part-exited in January 2015.

Previously, General Atlantic, which had invested Rs 260 crore in 2007, fully exited the firm in 2014.  

Last year, Cyient sold 100% stake in its IT services unit  Techwave Consulting Inc to focus on its core engineering services, data, network and operations businesses. 

Cyient reported a top-line of Rs 1,245 crore for the financial year ended 31 March 2016.  

The company has expertise in aerospace, consumer, energy, medical, oil and gas, mining, equipment, semi conductor, rail transportation, telecom and utilities industries, and is available across 38 global locations, it said.

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IT solutions firm Cyient to acquire Blom Aerofilms

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