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Product engineering solutions company, AXISCADES, today announced the acquisition of Mistral, a Bengaluru-based specialised embedded technology company.
The acquisition to be completed in a phased manner will add significantly to AXISCADES’ embedded practice and Make-in-India opportunities.
Mistral was co-founded by Anees Ahmed and Rajeev Ramachandra in 1997 as a niche technology company clocking ₹132 crore in revenue last year. It employs 300 people, across India and the US. Mistral specialises in end-to-end embedded solutions and product engineering catering to aerospace, defence, industrial, consumer, wearable, medical and semiconductor verticals. Leveraging partnerships with leading global chip makers, Mistral has designed over 100 commercially deployed products across verticals. The company has also over 40 design wins in various Indian Defence Programs used extensively by Defence organisations such as BEL, DRDO Labs and State police departments.
The current founders and management team will continue to run the operations.
Sudhakar Gande, Vice Chairman, AXISCADES, said, “ Our objective is to create significant value for our shareholders and acquisitions are an important aspect of our growth strategy. This acquisition of Mistral helps us to be a significant player in the Defence Offset and digital technologies. The synergy between AXISCADES and Mistral offers both the parties, impetus to create IP’s, broadening service offerings leading to substantial business growth. This acquisition is EPS accretive.”
Rapid technological evolution has put embedded systems at the core of multiple industry and product domains. Mistrals capabilities will strengthen AXISCADES embedded practice and accelerate the adoption of digital technologies, like AI and IoT. This acquisition enhances AXISCADES offerings to OEMs, Defence customers and expands its client base.
“We have complementary capabilities and customers that we can cross leverage. Being part of an established entity like AXISCADES, gives us the capability to address large business opportunities in India and with global OEM’s and take advantage of the government’s Make-in-India initiative.” said Anees Ahmed, Co-Founder and President of Mistral.
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