NEW DELHI: India’s third largest IT services firm, HCLTech has acquired a 100 percent equity stake in German automotive engineering services provider ASAP Group. The acquisition will help the IT company to strengthen its portfolio in areas such as autonomous driving, e-mobility and connectivity; and expand into key automotive markets in Europe, the Americas and Japan.
According to filings on BSE, the transaction is going to be entirely in cash, valuing the company at around € 251.1 million ($279.72 million). The deal, which will be done through HCLTech’s UK subsidiary, is subject to relevant regulatory approvals and is expected to close in September 2023.
Founded in 2010 and headquartered in Ingolstadt, Germany, ASAP is focused on future-oriented automotive technologies. The company works with the top automotive original equipment manufacturers (OEM) and tier-1 suppliers in Germany. ASAP’s services portfolio comprises electrics/electronics, software, consulting, service testing and validation and vehicle development.
The company has over 1,600 employees across nine locations in Germany.