Cyient Limited Friday announced that it will acquire 74 percent equity stake in Rangsons Electronics Private Limited, a leading electronics system design and manufacturing services company.
Cyient said in a statement that it has signed an agreement to acquire equity stake in the Mysuru-based company in an all-cash transaction. It, however, has not disclosed the size of the deal.
The acquisition positions Cyient strongly to expand into high-technology and high-value, design-led systems and solutions, the Hyderabad-based firm said.
Rangsons is a well-established ESDM and systems integration vendor with over two decades of experience in developing highly complex systems.
"The new relationship will help Cyient expand its core business while deepening partnerships with OEM customers," said Cyient MD and CEO Krishna Bodanapu.
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"Rangsons Electronics has built India's leading platform within the electronics segment with client-centric service delivery, driven by award winning quality systems. We have found a complementary partner in Cyient, who has built a global engineering solutions business backed by strong technology and ethos," said Pavan Ranga, CEO, Rangsons Electronics.
The proposed acquisition is Cyient's third in less than a year, and reflects the company's strong growth focus.
Last year, it acquired Softential, a US-based end-to-end IT service management/assurance solution vendor, and Invati Insights, a start-up data sciences company.
