Cyient Acquires US based Indian Firm Azimuth AI For 7.25 Million

CIOTechOutlook Team | Monday, 28 October 2024, 09:56 IST

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Cyient, a provider of IT engineering services, revealed the purchase of a 27.3% ownership in Azimuth AI, a fabless custom ASIC firm, for $7.25 million. The Hyderabad-based company stated in a regulatory filing that the strategic investment will enhance Cyient's abilities in the semiconductor sector.

Cyient has already made two other M&A deals earlier this month, making this the third one. The firm finalized a deal last week to purchase Abu Dhabi & Gulf Computer Est (ADGCE), a technology consulting and digital services provider in Abu Dhabi that mainly serves the Energy sector.

On October 04, 2024, Cyient OLM Limited, a subsidiary of the Company, made a deal with Altschuler Holdings to purchase all shares of Altek Electronics Inc., USA for $29.2 million.

Krishna Bodanapu, executive vice chairman and managing director, Cyient, said, “Driven by the Indian Government’s initiatives to boost domestic innovation in semiconductors, India is emerging as a hub for chip development, especially in power and energy-efficient systems. In July this year, we announced the strategic expansion of our Semiconductor business with the establishment of a fully owned subsidiary. Investing in Azimuth AI strengthens our focus on building cutting-edge ASIC chips designed and developed in India — for the world. It further enhances our capabilities in this critical space while reinforcing our commitment to next-gen power and energy solutions. We look forward to this partnership.”

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