Cyient acquires Integrated Global Partners of Australia
Cyient Limited has signed a definitive agreement to acquire a 100 per cent stake in Integrated Global Partners Pty Limited (IG), an Australia-based technology consultancy company.
The acquisition, which is being done to expand its end-to-end offerings for local as well as regional resources sector, will be made by its wholly-owned subsidiary, Cyient Australia Pty Limited.
IG Partners, which was founded in 2012, specialises in enabling organisations deliver on their strategy through removing organisational impediment or embedding effective ways of working. IG Partners has a presence in Australia, South Africa, Singapore and Chile. In FY20, it generated revenue of ~AUD 14.8 million.
The consideration would be paid entirely in cash and the enterprise value of AUD 11.6 million on a cash-free and debt-free basis shall be payable upfront and the earn-outs would be based on its future performance.
The time required for the completion may range up to six months, depending upon the approval of Foreign Investment Review Board (FIRB).
The acquisition will enable the customers to take advantage of the growing convergence of operational and information technologies by leveraging the synergies between Cyient’s proven ability in operational efficiency, asset optimisation, and digital transformation, as well as IG Partners' value creation and transformation in asset and capital-intensive industries.
Cyient has a growing presence in Australia, providing solutions to the mining, oil and gas, rail, telecom, and utility industries. With a rapid sectoral growth in the region, the company continues to invest in expanding its footprint and creating sustainable value for all the stakeholders.
On Monday, the stock of Cyient opened at Rs 409.20 and was up by 3.5 per cent to Rs 415 from its previous close of Rs 400.95 on BSE.