HCLTech has signed a definitive agreement to buy automotive technology company ASAP in a deal valued at €251.1m ($281.78m).
The Indian technology company will buy ASAP through its wholly-owned subsidiary HCLTech UK.
With its headquarters in Ingolstadt, Germany, ASAP focuses on advanced automotive technologies in fields such as connectivity, e-mobility, and autonomous driving.
ASAP employs 1,600 people across nine locations in Germany.
It is also said to cater to leading automotive OEMs (original equipment manufacturers) and tier-1 suppliers in the country.
The services offered by ASAP include software, consultancy, electrics/electronics, vehicle development, and testing and validation of services.
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ASAP’s acquisition is anticipated to strengthen HCLTech’s position in engineering services by boosting its technology capabilities in the automotive engineering services industry in Europe and other key international markets.
HCLTech corporate vice president of engineering and R&D Services Hari Sadarahalli said: “ASAP has developed some exciting capabilities in automotive engineering, and we share their vision for future of mobility.
“This agreement will enable us to scale these capabilities and innovations across our global network. This investment also reinforces our commitment to Germany, which is a focus market for us. We will continue to nurture local talent and innovation ecosystem to unlock their potential.”
ASAP Group CEO Michael Neisen said: “We are delighted to align our growth journey with HCLTech’s purpose of bringing together the best of technology and people to supercharge progress for all stakeholders.
“We are confident that the combination of HCLTech and ASAP’s engineering and technology performance will bring best-in-class advantages to the automotive industry worldwide.”