Bosch has announced the acquisition of German-based ITK Engineering AG and its foreign operations on January 11, 2017. Bosch is looking to strengthen its business in custom system and software development services with the acquisition of the technology company.
The agreement on Bosch’s acquisition of the company was signed in October 2016. ITK Engineering employs more than 900 professionals and offers development and consulting services for industrial enterprises and research institutions in industries like automotive, aerospace and medical.
“The acquisition of ITK Engineering will strengthen our position in the global growth market for engineering services and provide the ideal complement to our product portfolio,” said Dr Markus Heyn, member of the board of management of Robert Bosch GmbH. It was agreed that the purchase price would not be disclosed
Management board to be expanded
ITK Engineering will continue to operate as an independent legal entity in the form of a private limited liability company (GmbH) under its own brand, and its development unit will also remain separate from Bosch. Board members Michael Englert and Dr Helmuth Stahl will continue to manage the company’s business operations.
“We look forward to additional and sustained expansion of ITK Engineering as part of the Bosch Group, and to further strengthening our position in the international market,” says Michael Englert, founder and CEO of ITK Engineering.
In organisational terms, the company will be linked to Bosch through Bosch Engineering GmbH. Bernhard Bihr, president of the latter, joined ITK Engineering’s board of management on January 11, 2017. Following the company’s conversion to IKT Engineering GmbH, Michael Englert (chairman of the management board) as well as Dr Helmuth Stahl and Bernhard Bihr (management board members) will head up the subsidiary.