Technology solutions company Cyient has announced that it has acquired Finland-based Citec, a global plant and product engineering services company, for an undisclosed sum. According to Cyient, this deal happens to be the largest outbound acquisition by an Indian engineering company and its largest acquisition to date.
Given the global awareness and pursuit of clean energy, the acquisition will strengthen Cyient’s presence in the energy industry with a focus on clean energy. The company is hoping to expand its European footprint in the Nordic countries of Finland, Norway, and Sweden, along with Germany and France.
“The acquisition will allow us to take our combined plant engineering and digital solutions portfolio to a new set of customers who have extensive manufacturing facilities globally,” says Krishna Bodanapu, managing director and CEO, Cyient.
As for Citec, the company was founded in 1984 and is currently serving customers across the energy, process, oil and gas, and manufacturing industries. “The large international organization of Cyient, with more than 14,000 experts, enables new offerings to our customers, as well as new opportunities for our employees, shares Johan Westermarck, CEO, Citec.
The Finland company is hoping to provide customers with a ‘much more’ comprehensive set of services and solutions, such as the utilization of Cyient’s strong digital offering.