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Cyient Ltd (formerly Infotech Enterprises) will buy 51 per cent stake in the Atlanta (the US)-based data analytics start-up Invati Insights Private Ltd.
The firm has announced that it signed an agreement with the target firm to acquire the stake. A source has put the value of the deal under $5 million.
“We will pick 51 per cent. It, however, is not a one-time deal. There is a three-year plan (during which the firm can buy out more equity),” Krishna Bodanapu, Chief Executive Officer of Cyient, told BusinessLine .
Post acquisition, the start-up would be named Cyient Insights “to better reflect brand”.
“There is a lot of data generated in industries such as aerospace. Our clients would require solutions to crack this data to get business insights. This acquisition will give us headway in the area of data science market,” BVR Mohan Reddy, Executive Chairman of Cyient, told BusinessLine .
Krishna Bodanapu has said that the firm zeroed in on the US start-up as it fit well into the scheme of things. “There are several start-ups that are into data analytics. But this one operates in areas that we are working in. Analytics is a big focus area for us now and this acquisition will help us explore the opportunities in this area,” he said.
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