Techwave Consulting Group, a US headquartered, a global system integrator, acquires Infotech Enterprises IT Services Pvt. Ltd (IEITS). It just signed a definitive agreement with Cyient Ltd., to acquire their 100% subsidiary Infotech Enterprises IT Services Pvt Ltd. (IEITS) based in Hyderabad providing services in ERP, open source technologies and Remote Infrastructure management. IEITS operates in Europe and APAC region.
In a regulatory filing yesterday to BSE, Cyient disclosed that it was selling its stake in Infotech Enterprises information Technology Services Pvt. Ltd, its subsidiary engaged in IT services.
This acquisition enables Techwave to further enhance their global capabilities in the above regions. This will also enable Cyient to focus on its core engineering services and Data, Network and Operations business.
The deal is part of the growth plan vision 2016 chalked out by the company, informed Damodar Rao Gummadapu, CEO Techwave.
Techwave has a vision and roadmap for significant growth plans through expanding its global client base and strategic acquisitions to achieve a 100mn USD revenue target by the year 2016. Currently we are a 50mn USD company, said Rajasekhar Gummadapu. We will be soon expanding to Africa, Europe, Singapore, APAC region and other countries. We look forward to continue on our growth path by investing heavily in ISMAC (IoT, Social Media, Mobile, Analytics and Cloud) and digital solutions.
Our goal is to increase employee base in Hyderabad to 1000 and globally 1500. This we would like to achieve by the end of December 2016, informed Damodar Rao Gummadapu.
With headquarters in Exton, PA and offices across USA, Techwave with global footprint provides a full range of services to support the solution and process lifecycle: from advisory services, leading ERP (SAP, Microsoft & Oracle) implementations, deployments, Business/Enterprise process management, Business Intelligence (BI) and Business Performance Management (BPM). It provides these services with onsite, offshore and near shore capabilities.
Digital innovation demands bringing together all the different people, skills and tools to collaborate, co-create and come up with the very best ideas. Techwave focuses on Internet of Things, Social Media, Mobility, Analytics and Cloud and their structured, flexible accelerator methodology allows Techwave to think big, start small, scale quickly—to enable quick ROI for the customers.
Damodar Rao Gummadapu, CEO, Techwave, says “We are thrilled about this acquisition and it will enhance our strength as a Global Business Partner with expansion in to Europe and APAC markets. This acquisition also positions Techwave for strategic growth with breadth of services portfolio to our customers. We expect the addition of new service lines and strong resources to greatly enhance our long term business growth.”
“This is another key step in building a global and competitive IT services organization with the best-in-class workforce and this will reinforce our market leadership and accelerate growth in all regions. This is a step towards realizing our revenue and headcount growth targets for FY 2016 and beyond, says Raj Gummadapu, COO, Techwave.”
Today, Techwave has global clients that are Fortune 500 companies, Federal, state and Govt Agencies and highly successful Services lines that have received testimonials for impeccable predictability quality and reliability. Techwave has chosen to operate in the niche segments to be able to grow as a leader in its right. Techwave brand stands for technological excellence with domain strength.
Readers can check the company website www.techwave.net for updates as the integration of Techwave and IEITS progresses, there will be more information.
Photo Caption: Damodar Rao Gummadapu and Rajasekhar Gummadapu of Techwave Consulting