Indian technology solutions company Cyient has announced the takeover of Finland-based Citec, a global plant and product engineering services company, for an undisclosed sum. According to Cyient, this is the largest outbound acquisition by an Indian engineering services company and its largest acquisition to date.
“The acquisition will strengthen its presence in the energy industry with a focus on clean energy and expand its European footprint in the Nordic countries of Finland, Norway and Sweden, along with Germany and France,” the company said in a statement.
As per Krishna Bodanapu, Managing Director and CEO, Cyient said that the acquisition will allow the company to take the combined plant engineering and digital solutions portfolio to a new set of customers, “who have extensive manufacturing facilities globally,” Bodanapu said.
Founded in 1984, Citec is currently serving customers across the energy, process, oil and gas, and manufacturing industries. “The large international organisation of Cyient, with more than 14,000 experts, enables new offerings to our customers, as well as new opportunities for our employees,” said Johan Westermarck, CEO, Citec.
Citec currently employs more than 1,200 persons worldwide. “Through Cyient, we can provide customers a much more comprehensive set of services and solutions, such as the utilisation of Cyient's strong digital offering,” Westermarck added.