US headquartered Techwave Consulting Group is acquiring Infotech Enterprises IT Services Pvt Ltd., (IEITS) a wholly owned subsidiary of Cyient Ltd.
A definitive agreement has been signed in this regard, a Techwave release on Friday said. It also quoted the Group CEO Damodar Rao Gummadapu saying that the acquisition will enhance “our strength as a global business partner with expansion in to Europe and APAC markets. We expect the addition of new service lines and strong resources to greatly enhance our long term business growth.”
Cyient had in a statutory filing to the stock exchange on Thursday said a definitive agreement had been signed to sell its entire stake in IEITS with intent to focus on its core engineering services and DNO (data network operations) businesses. Based in Hyderabad, IEITS is providing services in ERP, open source technologies and remote infrastructure management. Mr. Gummadapu said the acquisition is part of the growth plan vision 2016 chalked by the company.
