hcl tech

HCL Tech has announced its latest acquisition of ASAP Group, a German engineering and automotive services provider, for $280 million (approximately Rs 2,081 crore) .

The acquisition allows HCL Tech to complement and strengthen its engineering capabilities. ASAP has made strides in the autonomous driving realm and is highly regarded for its product engineering capabilities, which include electric powertrain systems and autonomous driving software. This acquisition is expected to help HCL Tech to develop its capabilities in next-generation digital and analytical services, along with enhancing automotive engineering R&D capabilities.

ASAP Group has over 1600 employees across nine locations in Germany, and their services can be applied to smart manufacturing, and communications solutions—with autonomous driving seen as a strategic growth segment. For the year ending December 31, 2022, the ASAP Group had reported turnover of $170 million, which is expected to grow, and provide HCL Tech a much needed increase in revenues.

Merging automotive engineering and software expertise specific to the rapidly expanding autonomous driving field could prove to be a strong move for HCL Tech, potentially diversifying its offerings for automakers facing new competition in the space. The acquisition of ASAP Group signals HCL Tech’s continued focus on investing in intellectual property to create differentiation and add value to its customers.

Read more news articles by BullishNews here, on https://bullishbehaviour.com/category/business-news/.

No responses yet

Leave a Reply

Your email address will not be published. Required fields are marked *