Cyient acquires 27.3% in US based Indian startup Azimuth AI

economictimes.indiatimes.com:

Cyient, on Monday announced the acquisition of a 27.3% stake in Azimuth AI, a fabless custom ASIC company, for a consideration of $7.25 million. The strategic investment will expand Cyient’s capabilities across the semiconductor industry, said the Hyderabad headquartered firm in an exchange filing.

This is the third such M&A deal entered by Cyient this month.

Last week, the firm reached an agreement to acquire Abu Dhabi & Gulf Computer Est (ADGCE), an Abu Dhabi-based technology consulting and digital services provider primarily catering to the Energy sector. On October 04, 2024, the Company's subsidiary, Cyient OLM Limited through it's wholly owned subsidiary Cyient OLM Inc., USA entered into definitive agreement with Altschuler Holdings to acquire 100% shares of Altek Electronics Inc.,USA, an electronic manufacturing services provider in the United States for a consideration of $29.2 million (about Rs 244 crore).

Krishna Bodanapu, executive vice chairman and managing director, Cyient, said, “Driven by the Indian Government’s initiatives to boost domestic innovation in semiconductors, India is emerging as a hub for chip development, especially in power and energy-efficient systems. In July this year, we announced the strategic expansion of our Semiconductor business with the establishment of a fully owned subsidiary.

Investing in Azimuth AI strengthens our focus on building cutting-edge ASIC chips designed and developed in India — for the world. It further enhances our capabilities in this critical space while reinforcing our commitment to next-gen power and energy solutions.