Cyient to acquire Finnish engineering services firm Citec for €94m

Cyient, an Indian technology solutions provider, has agreed to acquire Citec, a Finland-based plant and product engineering services company, for €94 million.

The acquisition is the largest to date for Cyient.

Citec caters to customers across the energy, oil and gas, mining, process, and manufacturing industries.

Established in 1984, Citec is said to have deep technical expertise and skill with end-to-end capabilities across the plant engineering value chain as well as technical documentation. The Finnish firm is said to offer flexibility to its customers via its partnership-based model and it gives Cyient a team of experienced leaders and existing customers.

Commenting on Cyient acquisition of Citec, Johan Westermarck — CEO of Citec said: “I am truly happy that Citec partners with Cyient. The joint journey starts now, and we are excited to build a strong future together step by step.

“The large international organization of Cyient, with more than 14,000+ experts, enables new offerings to our customers, as well as new opportunities for our employees. Through Cyient, we can provide customers a much more comprehensive set of services and solutions, such as the utilization of Cyient’s strong digital offering.”

According to Cyient, the acquisition will improve its position in the plant and product engineering sector, bolster its footprint in the energy industry with a focus on clean energy, and grow its European presence in the Nordic countries of Finland, Sweden, and Norway, and in France and Germany.

Cyient said that its combined portfolio with that of Citec will be one of the largest independent plant engineering capabilities around the world. The Indian firm said that will help customers to utilize a comprehensive set of services and offerings that include plant engineering, digital solutions, product engineering, consulting, and technical documentation.

Furthermore, the synergies from the combined portfolios will give the scale, resources, expertise, and access to new capabilities that can be provided to customers, said Cyient.

Krishna Bodanapu — Managing Director and CEO of Cyient, commenting on Cyient acquisition of Citec, said: “We are already enabling our customers to accelerate their digital industrial transformation with our INTELLICYIENT suite of solutions. This acquisition will allow us to take our combined Plant Engineering and Digital Solutions portfolio to a new set of customers who have extensive manufacturing facilities globally.

“Citec’s strong brand value and talent pool, especially in the Nordic region, will be integral to Cyient gaining a strong foothold in the region and accelerating our future growth.”