KPIT Technologies to acquire PathPartner Technology for $25.7m
KPIT Technologies, a Pune-based software company, has agreed to acquire a controlling stake in an embedded systems company called PathPartner Technology for up to INR 1,910 million ($25.74 million).
Based in Bengaluru, PathPartner Technology is a specialist design service and solution provider of operating system software and low-level software for automotive, camera, multimedia, and radar devices. The company has offices in the US, China, Japan, and Germany as well.
Kishor Patil – CEO of KPIT Technologies said: “We welcome PathPartner Technology to the KPIT family. PathPartner’s competence in the operating system software and low-level software and existing semiconductor partnerships for early access to platforms is key to delivering complex production programs.
“Together, we can offer differentiated offerings for new-age vehicle architectures and strengthen our software integration expertise.”
As per the terms of the deal, KPIT Technologies will initially acquire a stake of 60% for INR 890 million. The balance stake of 40% is proposed to be bought over a period of two years against defined growth targets.
Tushar K Adhikary – CEO of PathPartner Technology said: “We are happy to join the KPIT family. KPIT’s vision to reimagine mobility, global presence, scale, software integration strategy gives our team opportunities to grow and add value.
“KPIT’s strong relationships with auto OEMs and Tier 1s, work on multiple production programs will open doors to taking complementary and differentiated offerings.”
The transaction, which is contingent on customary closing conditions, is likely to be wrapped up in Q2 FY 2021-22.