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KPIT Technologies acquires strategic stake in German firm

Press Trust of India  |  New Delhi 

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 filing, KPIT Technologies said "it has completed agreement for a strategic partnership in a 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 01 2016. 11:48 IST