Engineering services firm Cyient, formerly Infotech Enterprises, is going to acquire US-based Certon Software for an undisclosed consideration.
Cyient’s arm in the US, has signed a definitive agreement to acquire all of Certon’s shares. The Melbourne (Florida, the US) based team has about 45 people, with a revenue run rate (projected revenues of for the year based on the current performance) of about $6 million.
Though the firm has not indicated the size of the deal, Cyient CEO Krishna Bodanapu had recently said that the firm was looking for at least acquisitions with a size of $10-25 million.
This is Cyient’s fifth acquisition in the last three years. It showed a cash position of $127 m. “We will continue to look for acquisitions that will enable it to achieve its goal of industry-leading growth,” the firm said in a statement here on Tuesday.
Cyient registered a turnover of ₹917 crore and a net profit of ₹94.2 crore in the December quarter.