Cyient to sell its IT subsidiary to Techwave


Hyderabad, Aug 28 (PTI) : Techwave Consulting Group, a US-headquartered global system integrator, today said it signed a definitive agreement with Cyient (formerly Infotech Enterprises) to acquire its subsidiary, Infotech Enterprises IT Services Pvt (IEITS).

IEITS provides services in ERP, open source technologies and remote infrastructure management and operates in Europe and APAC region, a press release from Techwave said without disclosing the acquisition cost and other financial details.

“This acquisition enables Techwave to further enhance its global capabilities in the above regions. This will also enable Cyient to focus on its core engineering services and data, network and operations business,” it added.

The deal is part of the growth plan vision 2016 chalked out by the company, said Damodar Rao Gummadapu, CEO, Techwave.

Techwave has a vision and road map for significant growth plans by expanding its global client base and strategic acquisitions to achieve a USD 100 million revenue target by 2016.

Techwave has a revenue base of USD 50 million and plans to expand operations to Africa, Europe, Singapore, APAC region and other countries.

Our goal is to increase employee base in Hyderabad to 1,000 and globally 1,500, the release added.

Headquartered in Exton, Pennsylvania, and offices across USA, Techwave provides a full range of services to support the solution and process lifecycle from advisory services, leading ERP (SAP, Microsoft & Oracle) implementations, deployments, business/enterprise process management, business intelligence (BI) and business performance management (BPM).

It provides these services with onsite, offshore and near shore capabilities, the release added.