KPIT to buy Caresoft's engineering solutions unit for $191 million
KPIT Technologies has announced its acquisition of Caresoft Global's engineering solutions business for up to $191 million. This strategic move aims to bolster KPIT's commercial vehicle vertical by leveraging Caresoft's expertise in trucks and off-highway segments. The acquisition is also expected to facilitate KPIT's expansion into the Chinese market, with payment structured over four years.
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New Delhi: KPIT Technologies on Tuesday announced the acquisition of Caresoft Global 's engineering solutions business for a total consideration of up to $191 million. The buyout would strengthen KPIT's commercial vehicle vertical by combining Caresoft's deep relationships and domain knowledge in trucks and off-highway segments , according to a release.It is also expected to accelerate KPIT's foray into China.In a BSE filing , KPIT informed that the consideration for the acquisition will be a maximum of $191 million, including $25 million variable consideration swap or any other form, and based on the achievement of revenue and other business synergy details of the same milestones.This total consideration can be paid in one or more tranches over a period of 4 years with cash consideration and/or equity shares at the option of KPIT for an amount not more than $25 million, subject to shareholders' approval, according to a BSE filing.
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