IT firm KPIT Technologies today said it will sell its Berlin-based subsidiary KPIT medini Technologies AG to ANSYS, but did not disclose the deal size.
In a BSE filing, KPIT Technologies said: "It has completed agreement with ANSYS, to sell its Berlin-based subsidiary, KPIT medini Technologies AG, which has been focusing on functional safety products (Medini)."
It added: "Medini is a functional safety product which has applications beyond KPIT's focused industries and as a software product, needs a wider and different distribution network to reach out to other industries beyond KPIT's focused areas."
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.
"While KPIT will continue to provide services around the Medini tools, it would like to deepen its domain expertise by continuing to make further strategic investments in its focus areas for which the proceeds from this sale will be used," the company said.
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