IT firm KPIT Technologies today said it has acquired strategic stake in Germany-based engineering services company MicroFuzzy for a fixed consideration of 9.3 million euros (around Rs 67.5 crore).
In a BSE filing, KPIT Technologies said "it has completed agreement for a strategic partnership in a Germany headquartered engineering services company MicroFuzzy".
It further said: "The fixed consideration will be 9.3 million euro. The total consideration, which is based on achievement of certain financial parameters over the next 4 years."
Last month, the company said it will sell its Berlin-based subsidiary KPIT Medini Technologies AG to ANSYS, but did not disclose the deal size.
KPIT said it is expanding its portfolio as a provider of services and platforms to automotive industry for product engineering areas such as Powertrain, AUTOSAR, Diagnostics, Infotainment.
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