Business

German Automotive Services Firm To Be Acquired By HCL Tech ASAP For $280 Million

HCL Tech, an Indian IT services giant, announced late Wednesday that it will acquire German automotive engineering services provider ASAP Group for an enterprise value of around 251 million euros ($279.83 million) as it seeks to expand in the automotive market.

According to a stock exchange filing, HCL Tech intends to use the acquisition to expand into automotive markets in Europe, the Americas, and Japan.

ASAP Group, founded in 2010, services Germany’s major automotive original equipment manufacturers and tier-1 suppliers.

According to the statement, its portfolio comprises software development, consulting services, and vehicle development.

The announcement comes after HCL Tech announced a weaker-than-expected June quarter result as its technology and telecom clients reduced discretionary expenditure in the face of global macroeconomic uncertainty.

According to Refinitiv IBES statistics, the company’s net profit increased 7.65% to 35.34 billion rupees ($430.91 million) in the quarter that ended June 30, although it fell short of analysts average forecast of 38.17 billion rupees.

Also read: Russian General Fired After Accusing Top Brass Of Failing Soldiers

Spriha Rai

Recent Posts

Gautam Adani Hails Puri Lifeguards As Unsung Heroes During Rath Yatra Visit

Gautam Adani, Chairman of the Adani Group, visited Puri in Odisha during the annual Rath…

2 hours ago

Acharya Pramod Krishnam Slams Congress Over ‘Internal Emergency’ Allegation

Acharya Pramod Krishnam, stirred political debate by claiming an 'internal emergency' still exists within the…

2 hours ago

MRM Meeting: Pledge for Global Peace, Green India, De-addiction & Democratic Integrity

Taking a crucial step toward positive transformation, social reform, and global peace, the Muslim Rashtriya…

2 hours ago

India To Host 2029 World Police & Fire Games; Amit Shah Hails Global Recognition

India has been chosen to host the prestigious 2029 World Police and Fire Games in…

3 hours ago

Seeing The Lord Among Devotees Is The Pinnacle Of Humility: Gautam Adani At Rath Yatra

Gautam Adani, along with his wife and Karan, participated in the Rath Yatra in Puri,…

5 hours ago

PM Modi Interacts With Group Captain Shubhanshu Shukla Aboard The ISS

PM Narendra Modi interacted with Group Captain Shubhanshu Shukla, the first Indian to reach the…

6 hours ago