Pune-based IT consulting and engineering service provider KPIT Cummins on Tuesday said it had signed an agreement to buy 50 per cent stake in Mumbai-based firm Systime, for Rs 103 crore.
A fully-owned subsidiary of CMS Group, Systime employs around 1,000 people.
The deal funded through internal accrual, will provide KPIT Cummins a revenue of $68 million from October.
According to the agreement, KPIT will acquire the remaining 50 per cent of the equity in Systime over three years, at a price which will include fixed and variable considerations.
“The partnership is an excellent opportunity for us. We are planning to increase our presence in Brazil and Systime is the right choice to enter the market. We are confident that our combined and complementary strengths would help create a leadership position for us in the larger Oracle ecosystem,” said Kishor Patil, MD & CEO, KPIT Cummins.
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