Board of KPIT Technologies approves acquisition of SOMIT Solutions

The Board of KPIT Technologies has approved the acquisition through KPIT Technologies (UK) (a Wholly owned subsidiary of KPIT Technologies) of initial 65% shareholding in SOMIT Solutions (SOMIT). Over a period of six months, KPIT Technologies (UK) will acquire the balance shareholding.

The total consideration for 100% shareholding will not exceed 7.68 million over a 3 year period.

The acquisition complements KPIT's aftersales diagnostics platform and strengthens its positioning to cater to the multi-billion automotive aftersales industry and address higher value share in KPIT's strategic clients. Adds specialist talent to the KPIT family.

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