India’s second-largest IT services company Infosys is set to acquire in-tech, an engineering R&D services provider with a focus on the German automotive industry, according to an exchange filing issued on April 18.
“This strategic investment further strengthens Infosys’ engineering R&D capabilities and reaffirms its continued commitment to global clients to navigate their digital engineering journey,” the company said in the statement.
The financial details of the deal were not disclosed by the company.
Germany-based in-tech provides digitization services to automotive, rail transport and smart industry sectors, the filing said. It also develops tech solutions for e-mobility, connected and autonomous driving, electric vehicles (EVs), off-road vehicles and railroad, the statement added.
The deal is expected to be closed in the first half of FY25, subject to customary closing conditions and regulatory approvals, the filing said.
Dinesh Rao, EVP & co-delivery head, Infosys, said, “Infosys continues to strengthen its Engineering R&D leadership with decades of experience in digital engineering. Together with in-tech, Infosys Topaz, an AI-first set of services, solutions and platforms, and recently acquired InSemi’ semiconductor’s expertise, we have successfully created deeper capabilities for the next phase of automotive innovation in the arena of software defined vehicles. We are excited to welcome in-tech and its leadership team into the Infosys family.”
Tobias Wagner, in-tech CEO, said, “This strategic partnership with Infosys represents a decisive turning point for us: It opens up unprecedented growth opportunities, and also adds tremendous value to our offering for our clients. Together we now cover the entire end-to-end process, a step that is crucial to fully meet our customers' needs. With access to more talent and expertise, we gain incredible strength and scale in our delivery capability, enabling us to successfully implement even more ambitious projects.”
Infosys reported a net profit of Rs 7,969 crore for the fiscal fourth quarter, beating Street estimates. The company reported revenue of Rs 37,923 crore in the three months ended March 31, according to an exchange filing on April 18.
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