Techwave Consulting to acquire Cyient's IT services arm

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Techwave Consulting Inc, a US-based provider of enterprise resource planning, enterprise performance management and business analytics, has signed a definitive agreement to acquire Infotech Enterprises IT Services Private Limited (IEITS), the IT services subsidiary of Hyderabad-based, publicly-listed Cyient Limited, for an undisclosed amount.

This acquisition enables Techwave to further enhance its global capabilities in Europe and the Asia-Pacific region. This will also enable Cyient to focus on its core engineering services and data, network and operations business, Techwave said in a release on Friday.

According to Damodar Rao Gummadapu, chief executive officer of Techwave, the deal is part of the growth plan chalked out by the company for 2016.

"Techwave has a vision and roadmap for significant growth plans through expanding its global client base and strategic acquisitions to achieve a $100 million revenue target by 2016, from the current revenue of $50 million," Gummadapu said, adding that the company would soon expand to Africa, Europe, Singapore and the Apac region.