Cyient to acquire Singapore - based Grit Consulting

Cyient, a leading global Technology Solutions company, today announced that it is set to acquire the Singapore-based firm Grit Consulting, which has deep-rooted expertise in consulting for asset-intensive industries like metal mining and energy. This acquisition will enable Cyient customers across sectors to draw value from the Grit's deep knowledge and Cyient's technology solutions capabilities.

The global consulting services market is expected to cross $1.2 Trillion by 2025, and the acquisition of Grit Consulting will empower Cyient to accelerate its consulting capabilities and deliver innovative technology solutions to its customers. Grit is well established in the mining and energy space and will allow for the rapid expansion and deepening of Cyient's footprint in these industries by leveraging customer, geographic, and talent synergies. To complement this, Cyient continues to invest in developing innovation hubs and CoEs to strengthen its digital transformation capabilities and provide innovative solutions to its customers.

Commenting on the acquisition, Cyient's MD and CEO, Krishna Bodanapu, 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".

"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," said Jeremy Brown, Founding Partner, Grit Consulting. "We believe that this coming-together of Cyient's technology solutions and our innovative sociotechnical design consulting approaches will further strengthen our capabilities to enable sustainable performance improvements and cultural enhancement across the organization."

Shares of Cyient Limited was last trading in BSE at Rs. 896.80 as compared to the previous close of Rs. 910.10. The total number of shares traded during the day was 38793 in over 2798 trades.

The stock hit an intraday high of Rs. 903.00 and intraday low of 876.60. The net turnover during the day was Rs. 34446488.00.

Source : Equity Bulls

Keywords

Cyient INE136B01020 Acquisition GritConsulting Singapore