Hyderabad-based global technology solutions company Cyient has 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, reported to be worth a total consideration of $37 million, will enable Cyient customers across sectors to draw value from the Grit's deep knowledge and Cyient's technology solutions capabilities.
“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,” the company said in a statement.
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.
"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,” said Cyient's MD and CEO, Krishna Bodanapu on the acquisition.
"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. We believe that this coming-together of Cyient's technology solutions and our innovative socio-technical design consulting approaches will further strengthen our capabilities to enable sustainable performance improvements and cultural enhancement across the organisation," added Jeremy Brown, founding partner, Grit Consulting.
The acquisition is expected to be completed on or before 5 May 2022, as per media reports.