KPIT Cummins to beef up financial services space

KPIT Cummins Infosystems, a global software solutions provider focused on the automotive and semiconductor sectors, is exploring opportunities to acquire a company in diversified financial services (DFS) space.

The move is aimed at strengthening its services in banking and insurance space.

The company, which has two offices in Bangalore including one through the acquisition of C G Smith Software, will soon make Bangalore its the second biggest campus outside Pune.

"We believe in both organic and inorganic growth. In the current fiscal, we are looking at acquiring a company either in India or outside in the DFS space," Girish Wardadkar, president and executive director, KPIT Cummins, told Business Standard.

He said, "The ideal size of the company, we are looking for should be more than $10 million in revenues. The acquisition may happen sometime in the second half of the financial year."

In March this year, KPIT Cummins had acquired Bangalore-based C G Smith Software for Rs 38 crore. C G Smith, which focuses on embedded and realtime systems for automotive electronics, is located in the Peenya industrial area in the city, with about 250 engineers. Besides, KPIT has an office in the Outer Ring Road area in the city.

Both the units are soon going to move to a newer location in the Outer Ring Road area where the company is constructing its second largest campus outside Pune with an investment of Rs 50-60 crore.

"The new campus, coming up on an area of 200,000 sq ft, will be ready by June next year," Wardadkar added.

He said that based on the expertise of C G Smith in automotive and embedded systems, the Bangalore campus will focus on these two areas.

The company plans to increase its headcount in Bangalore from the present nearly 450 to about 2,500 in next three years.