 "Cyient gets Australia's FIRB clearance, acquisition of IG Partners done")
IT and engineering services company Cyient on Friday said it has received nod from the Foreign Investment Review Board (FIRB) of Australia, and has completed the acquisition of Australian consulting firm IG Partners.
In August this year, Cyient had said it will acquire Australian consulting firm IG Partners to expand its end-to-end offerings for the local and regional resources sector.
"This is to inform that further to our communication on August 31, 2020, regarding the signing of a definitive agreement to acquire 100 per cent stake in Integrated Global Partners Pty Limited (IG Partners), an Australia-based technology consultancy company, the FIRB of Australia has issued a no objection certificate for the investment," Cyient said in a regulatory filing.
Consequently, the company has now completed the acquisition, it added.
In its August 31 filing, Cyient had said the enterprise value included an upfront AUD 11.6 million on a cash free and debt free basis, and earn outs based on future performance.
Integrated Global Partners Pty Ltd (IG Partners) is headquartered in Melbourne, Australia and employs about 40 employees and consultants. Founded in 2012, its revenue for FY2020 was AUD 14.8 million.
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Cyient has a growing presence in Australia, providing solutions to the mining, oil and gas, rail, telecom, and utility industries.
The acquisition adds to Cyient's footprint in Australia, which is an important region for the company's future growth, Cyient had said.
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