Cyient to acquire Singapore-based Grit Consulting for up to $37m
Cyient, an Indian technology solutions company, has agreed to acquire Grit Consulting, a Singapore-based performance improvement design consultancy, in a deal worth up to $37 million.
Grit Consulting is engaged in offering consultation for asset-intensive industries such as utilities, metal mining, and energy.
According to Cyient, the acquisition will help its customers across sectors to extract value from the Grit Consulting’s deep knowledge as well as its own capabilities in technology solutions.
Commenting on Cyient acquisition of Grit Consulting, Jeremy Brown — Founding Partner of Grit Consulting said: “We are extremely honored to be acquired by Cyient and see enormous synergies in supporting our customers given Cyient’s international reach and technology capabilities.
“We believe that this coming-together of Cyient’s technology solutions and our innovative socio-technical design consulting approaches will further strengthen our capabilities to enable sustainable performance improvements and cultural enhancement across the organization.”
Cyient expects the acquisition of Grit Consulting to equip it to expedite its consulting capabilities and offer innovative technology solutions to its customers.
Grit Consulting’s presence in the mining and energy consulting space is said to facilitate the quick expansion and deepening of the footprint of Cyient in the industries by making use of customer, talent, and geographic synergies.
Cyient said that for complementing this, the company continues to put money into creating innovation hubs and CoEs to bolster its capabilities in digital transformation.
Cyient acquisition of Grit Consulting. Photo courtesy of Nidhuna Official/Wikimedia Commons.
Krishna Bodanapu — Cyient MD and CEO, commenting on Cyient acquisition of Grit Consulting, said: “We are expanding our Cyient Consulting practice with this investment. It aligns with our consulting-led growth strategy, and we see great synergies across talent, footprint, and customers.
“With Grit Consulting’s expertise in business transformation and our technology solutions capabilities, we can deliver strategic outcomes for our customers.”
As per the terms of the deal, 50% of the consideration will be paid upfront and the rest in the form of an earnout over two years based on business performance.
The deal is expected to close on or before 5 May 2022.
Recently, Cyient signed a deal worth €94 million to acquire Citec, a Finland-based plant and product engineering services company. Read here about Cyient acquisition of Citec.