BENGALURU: Cyient Ltd on Thursday said it is set to acquire Singapore-based Grit Consulting for a total consideration of $37 million, to strengthen its technology consulting practice and gain access to a new client portfolio.
The Hyderabad-based IT services firm said the acquisition is expected to be completed on or before May 5, 2022.
Grit Consulting has expertise in consulting for asset-intensive industries such as metal mining and energy, and through this acquisition, Cyient will build on customer, geographic and talent synergies to enable expansion and deepen its mining industry footprint. Will take advantage
The global consulting services market is expected to cross $1.2 trillion by 2025, and the acquisition of Grit Consulting will help Ciente accelerate its consulting capabilities and provide innovative technology solutions to its clients.
“Grit is well established in the mining and energy sectors and will allow Cyient to rapidly expand and deepen its footprint in these industries by leveraging customer, geographic and talent synergies. To accomplish this, Ciente continues to invest in developing innovation hubs and CoEs to strengthen its digital transformation capabilities and provide innovative solutions to its customers,” Cient said in a statement.
“We are expanding our Cyient consulting practice with this investment. This is in line with our consulting-based 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 results for our clients,” said Krishna Bodanapu, Chief Executive and Managing Director, Cyient.
In FY 2012, Grit Consulting had a turnover of $18.1 million and employs about 100 employees and consultants.