Hinduja Tech Limited (HT), an Indian flagship of conglomerate the Hinduja Group, announced the signing of a definitive agreement to acquire German based engineering company TECOSIM Group. Based on reports, the shares have been acquired at an enterprise value of 21 million Euro and will be acquiring 100% shareholding in TECOSIM Group company for cash consideration. The deal is said to be completed by September 30.
The company stated that with TECOSIM, Hinduja Tech strengthens its global delivery footprint with enhanced capabilities and strengthened regional delivery centers for European customers with a near-shore delivery offering.
Kumar Prabhas, CEO of Hinduja Tech Limited, said, “We are delighted to have TECOSIM Group join the Hinduja Tech family. This acquisition aligns with our strategic goal to become a global leader in mobility engineering services. TECOSIM’s technological prowess and market presence in Europe will greatly enhance our capabilities, allowing us to better serve our clients with innovative and sustainable solutions. We look forward to working with the team.”
Udo Jankowski, Managing Director of the TECOSIM Group, said, “Joining forces with Hinduja Tech is an exciting milestone for TECOSIM. We are eager to leverage Hinduja Tech’s core competencies and industry knowledge to drive growth and deliver unmatched value to our clients. This collaboration will enable us to identify new opportunities and expand our global presence.”
After completion of this acquisition, Hinduja Tech and TECOSIM Group will initiate the integration process to merge their resources by adding advanced engineering expertise into it’s existing portfolio. This strategic collaboration will provide comprehensive, end-to-end solutions, especially in computer-aided engineering and simulation.
