Cyient to acquire Portugal-based Celfinet in €41m worth deal

Cyient has agreed to acquire Celfinet, a Portugal-based wireless engineering services company, in a deal worth up to €41 million.

According to the Indian technology solutions company, 65% of the consideration will be paid upfront, and remaining 35% will be in the form of an earnout over two years based on Celfinet’s performance.

Celfinet is engaged in offering end-to-end network planning and performance optimization services.

Founded in 2003, the company provides engineering and operations services for the deployment of wireless macro and small cells. Its revenue for the calendar year 2021 was €17.1 million.

Nuno Ribeiro and José Mata — Celfinet Co-CEOs said: “We are very excited about this new journey we are starting with Cyient. Despite many approaches over the years, it was critical to wait for the right fit in a company to take over the business and unleash our potential.

“Cyient presented not only shared values but also an ambitious and innovative vision for the future, with Celfinet acting as the cornerstone investment to drive Cyient’s Wireless Engineering forward.”

By acquiring the Portuguese firm, Cyient will bolster its wireless engineering practice to support enterprises and communication service providers (CSPs) in deploying their pervasive connectivity networks at scale.

Furthermore, the transaction will boost Cyient’s footprint in Europe, where Celfinet is said to have a strong presence, as well as help scale the former’s business in North America and Australia.

Cyient to acquire Portugal-based wireless engineering services company Celfinet in €41m worth deal. Photo courtesy of Nidhuna Official/Wikimedia Commons.

Krishna Bodanapu — Cyient Managing Director and CEO said: “Cyient is helping CSPs engineer the networks of tomorrow by delivering solutions across Intelligent Infrastructure, Smart Operations, and Enterprise Network Transformation.

“Celfinet’s deep expertise and long-standing customer relationships will further add to our capabilities as we strengthen our technology play in wireless networks for 5G rollouts. In addition, Portugal has a highly skilled engineering workforce, making it a strategic innovation hub for expanding our global delivery footprint.”

The deal is expected to close by 20 June 2022.

Recently, Cyient announced two other deals to acquire Grit Consulting, a Singapore-based performance improvement design consultancy, and Finnish engineering services firm Citec.