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Technology solutions company Cyient said it will acquire Grit Consulting, a Singapore-based firm, for about ₹283 crore ($37 million). Half the amount will be paid upfront in cash, while the remaining in earnout.
Grit Consulting has expertise in consulting for asset-intensive industries like metal mining and energy.
“This acquisition will enable Cyient customers across sectors to draw value from the Grit’s deep knowledge and Cyient’s technology solutions capabilities,” Krishna Bodanapu, Cyient’s Chief Executive Officer and Managing Director, said.
This is the second acquisition for Cyient in a week. Early this week, it signed an agreement to acquire Citec, a Finnish firm, for about ₹800 crore.
Consulting services market
Krishna said the global consulting services market was expected to cross the $1.2-trillion mark by 2025. “The acquisition of Grit Consulting will help us accelerate our consulting capabilities and deliver innovative technology solutions to its customers,” he said in a statement on Thursday.
“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,” he said.
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