AXISCADES Technologies Limited (“AXISCADES” or “Company”) has announced the 100% acquisition, in a phased manner, of add solution, GmbH, Germany, specializing in Automotive Solutions to Global OEMs. The acquisition will be carried out through AXISCADES GmbH, a wholly owned subsidiary of AXISCADES.
add solution, GmbH is a Company based out of Wolfsburg, Germany which specializes in automotive design and development. They specialize in services such as wiring systems, software testing and automation for Global Automotive OEMs. The Company recorded sales revenue of Euro 8.2 Mn in financial year 2022.
The proposed acquisition will provide a strategic foothold to AXISCADES in the Automotive space, besides opportunity for firm contracts with marquee automotive OEMs. This will lead to significant offshoring opportunities and enhanced business for AXISCADES in the automotive space, both in India and globally.
Cost of acquisition: Euro 5.50 Mn, consisting of fixed component and variable component, based on performance. The acquisition will be completed in two phases: Phase I- 94% – July 2023, Phase II- 6%-March 2025.
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