Paris-headquartered engineering consulting firm Altran Technologies, SA has acquired Bangalore-based Internet of Things startup GlobalEdge Software Ltd, it said in a stock-exchange filing.
The Nasdaq-listed Altran bought GlobalEdge for an estimated Rs 310-410 crore ($48.3-64 million), in an all-cash deal.
Café Coffee Day parent Coffee Day Enterprises Ltd, which had a 24.25% stake in GlobalEdge, has exited fully, it said in a BSE filing. It is getting Rs 75-100 crore for the stake, the filing added.
GlobalEdge's acquisition enhances Altran's presence in India, giving it an additional 1,000 engineers, Altran said in a statement.
Dominique Cerutti, chairman and chief executive of the Altran Group, said in a statement, “GlobalEdge has shown its capacity to generate steady and profitable growth while diversifying its portfolio in industries that are strategic priorities for Altran. The company will actively support the expansion plans of Altran North America, thanks to its clear positioning with a strong focus on marquee clients."
Founded in 2001, GlobalEdge has branches in Hyderabad, Chennai, Mumbai and Pune.
MP Kumar, founder and chief executive of GlobalEdge, said, “Being a part of Altran gives our employees greater opportunities for growth and to create greater value for our clients in dramatically different ways."
Altran has clients from sectors such as aerospace, automotive, defence, energy, finance, life sciences, railway, and telecom sectors.