HCL Technologies Ltd announced it has signed a definitive agreement to acquire 100% equity stake in ASAP Group, an automotive engineering services provider at a total enterprise valuation of Euro 251.1 million . The transaction is subject to relevant regulatory approvals and is expected to close in September 2023.
Headquartered in lngolstadt, Germany, ASAP is focused on future-oriented automotive technologies in areas such as autonomous driving, e-mobility and connectivity. ASAP serves top automotive original equipment manufacturers (OEM) and tier l suppliers in Germany. ASAP’s services portfolio comprises electrics/ electronics, software, consulting, service testing and validation and vehicle development. ASAP has over 1,600 employees across nine locations in Germany. ASAP reported a turnover of Euro 154.3 million for the year ending 31 December, 2022.
HCL Tech is a global leader in engineering and R&D services and works with 63 of the top 100 global engineering R&D spenders. The acquisition will boost HCL Tech’s global leadership in engineering services by strengthening its advanced technology capabilities in the fast-growing automotive engineering services segment in Europe and other key global markets.
“Core engineering is at the heart of HCL Tech’s DNA and truly differentiates our services portfolio. ASAP has developed some exciting capabilities in automotive engineering. and we share their vision for future of mobility. This agreement will enable us to scale these capabilities and innovations across our global network,” said Hari Sadarahalli, Corporate Vice President, Engineering and R&D Services, HCL Tech. “This investment also reinforces our commitment to Germany, which is a focus market for us. We will continue to nurture local talent and innovation ecosystem to unlock their potential.”
“We are delighted to align our growth journey with HCL Tech’s purpose of bringing together the best of technology and people to supercharge progress for all stakeholders,” said Michael Neisen, CEO at the ASAP Group. “We are confident that the combination of HCL Tech and ASAP’s engineering and technology performance will bring best-in-class advantages to the automotive industry worldwide.”
About the ASAP Group
The ASAP Group was founded on January 1, 2010, with a clear focus on the future technologies of the automobile. Today, the engineering partner of the automotive industry can look back on an almost unparalleled growth in automotive engineering. As of January 2023, more than 1,600 employees were working for the corporate group at nine locations. The ASAP group offers a comprehensive range of services concentrating on mega trends such as e-mobility, autonomous driving and connectivity. With its five service segments – Electrics/Electronics, Software, Consulting & Service, Testing and Vehicle Development – ASAP places its strategic development focus on the future-oriented technology fields.
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