Subject to regulatory approvals, HCLTech will pay €251 million to buy a 100% stake in German automotive engineering services provider ASAP Group. The transaction is anticipated to completion by September 2023, the IT giant notified the stock exchange. ASAP focuses on cutting-edge automotive technologies in fields like connectivity, e-mobility, and autonomous driving. ASAP supports German tier-I suppliers and automotive original equipment manufacturers (OEMs) with 1,600 employees spread across nine locations.
“ASAP has developed some exciting capabilities in automotive engineering and we share their vision for the future of mobility. This agreement will enable us to scale these capabilities and innovations across our global network,” said Hari Sadarhalli, corporate vice-president, engineering and R&D services, HCLTech.
The third-largest IT company by market capitalization in India, HCLTech, claimed that this investment strengthens its commitment to Germany, a focus area for the company. Electric/electronics, software, consulting and service, testing, and vehicle development make up ASAP's five service segments.
“We are delighted to align our growth journey with HCLTech’s purpose of bringing together the best of technology and people to supercharge progress for all stakeholders,” said Michael Niesen, chief executive of ASAP Group. “We are confident the combination of HCLTech and ASAP’s engineering and technology performance will bring best-in-class to the global automotive industry.”
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