KPIT Cummins To Buy German Automotive Company
KPIT Cummins Infosystems is buying Germany based automotive company.
The target company's revenue earning is below $5 Mn.
The objective of the proposed acquisition is to complement KPIT's market leading solution-set and offer diagnostic products to automotive customers globally.
Transaction Reference: Myiris
KPIT Cummins is an IT consulting and product engineering company to manufacturing and financial services organisations. It is also focused on co-innovating domain intensive technology solutions for automotive, semiconductor & industrial equipment verticals.
For 2009-10, it reported a turnover of Rs 731.7 Cr with PAT of Rs 85.7 Cr.
KPIT's past acquisitions
| Company | Period | Location | Deal Size |
| Sparta Consulting | Oct '09 | US | $42 Mn |
| Harita TVS Technologies | July '09 | India | $6.4 Mn |
| CG Smith Software | Mar '06 | India | $8.1 Mn |
| Pivolis | Nov '05 | France | $2.2 Mn |
| SolvCentral | Nov '05 | US | $2.2 Mn |
| Panex | Aug '03 | US | $1.7 Mn |
Recently, HCL Infosystems acquired 60% stake in Dubai's NTS Group for $6.5 Mn and Accentia Technologies acquired stake in UK based IQ Group. Other IT companies like Omnitech Infosolutions, Infosys and Mastek are too looking for foreign acquistions to expand their global footprints.
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