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| KPIT Cummins inks merger deal with Sparta Consulting |
| BS Reporter / Mumbai Oct 30, 2009, 12:44 IST |
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KPIT Cummins Infosystems Ltd, a global IT consulting and product engineering company, has entered into a definitive merger agreement with Sparta Consulting, a California, USA-based firm and a leading provider of high end SAP solutions. The all cash agreement is for a milestone based consideration of $38 million which includes a bonus of $4 million.
The merger of Sparta Consulting, based in Folsom, CA, USA, further strengthens KPIT’s business model to sharply focus on select industries and achieve market leadership by creating best in class practices/offerings that help customers achieve their operational and strategic objectives.
The transaction is in line with KPIT’s stated growth strategy and is expected to result in greater efficiencies and increased market share.
Expressing his views on the occasion, Kishore Patil, MD and CEO, KPIT Cummins, said, “Sparta Consulting is an excellent strategic fit and growth accelerator to our focussed business model. It has a very committed team with extensive experience in rapidly scaling up ERP consulting business and we see a large market opportunity in this area. We are particularly impressed with the excellent track record of the Sparta team. The team has created a SAP services business which has grown nearly 300 per cent year-on-year under trying economic conditions. The same team has earlier successfully created and growth an enterprise consulting business to over $250 million. We look forward to jointly helping our customers achieve their post-downturn growth objectives.”
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