KPIT Technologies, a leading independent software development, and integration partner to the automotive and mobility industry, announced the signing of a definitive agreement to acquire a controlling stake in PathPartner Technology. PathPartner is a specialist design service and solution provider of operating system software and low-level software for Automotive, Camera, Radar, and Multimedia devices. The deal is subject to customary closing conditions and is expected to get closed in Q2 FY 2021-22.
KPIT will initially purchase 60 percent stake for a consideration of INR 890 million, and the balance stake is proposed to be acquired over a period of 2 years against defined growth targets. The total consideration for 100 percent stake will not exceed INR 1,910 million.
Mr. Kishor Patil, CEO, KPIT Technologies, said, “We welcome PathPartner Technology to the KPIT family. PathPartner’s competence in the operating system software and low-level software and existing semiconductor partnerships for early access to platforms is key to delivering complex production programs. Together, we can offer differentiated offerings for new-age vehicle architectures and strengthen our software integration expertise.”
Mr. Tushar K Adhikary, CEO, PathPartner Technology, said, “We are happy to join the KPIT family. KPIT’s vision to reimagine mobility, global presence, scale, software integration strategy gives our team opportunities to grow and add value. KPIT’s strong relationships with auto OEMs and Tier 1s, work on multiple production programs will open doors to taking complementary and differentiated offerings.”
SOURCE: KPIT Technologies