HCLTech acquires German automotive engineering services provider ASAP for €251 million

economictimes.indiatimes.com:

HCLTech will acquire a 100% stake in German automotive engineering services provider ASAP Group for €251 million and the transaction is expected to close by September 2023 subject to regulatory approvals, the IT major informed the stock exchanges on Thursday. ASAP is focussed on future-oriented automotive technologies in areas such as autonomous driving, e-mobility, and connectivity.

Employing 1,600 people across nine locations in Germany, ASAP serves automotive original equipment manufacturers (OEMs) and tier-I suppliers in Germany. “ASAP has developed some exciting capabilities in automotive engineering and we share their vision for the future of mobility.

This agreement will enable us to scale these capabilities and innovations across our global network,” said Hari Sadarhalli, corporate vice-president, engineering and R&D services, HCLTech. Sadarhalli also said that this investment reinforces HCLTech’s commitment to Germany, a focus market for India’s third-largest IT company in market capitalisation.

ASAP has five service segments — electric/electronics, software, consulting and service, testing, and vehicle development. “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,” said Michael Niesen, chief executive of ASAP Group.