HCL Tech to buy German auto engineering services provider ASAP
ASAP, which is focused on autonomous driving, e-mobility and connectivity, caters to top OEMs and Tier 1 suppliers in Germany; combined business to be a platform of growth for HCL in Germany and expansion into Europe, Americas and Japan.
India’s HCL Tech has signed a definitive agreement to acquire 100% equity stake in ASAP Group, an automotive engineering services provider. The transaction is expected to close in September 2023.
Headquartered in Ingolstadt, Germany, ASAP is focused on future-oriented automotive technologies in areas and industry mega trends such as autonomous driving, e-mobility and connectivity. ASAP serves top automotive original equipment manufacturers (OEM) and tier 1 suppliers in Germany.
ASAP’s services portfolio comprises electrics/electronics, software, consulting, service testing and validation and vehicle development. ASAP has over 1,600 employees across nine locations in Germany. ASAP’s total reported turnover for the year ended December 31, 2022, was 154.3 million euros (Rs 1,353 crore).
HCL Tech is a global leader in engineering and R&D services and works with 63 of the top 100 global engineering R&D spenders. The ASAP acquisition will boost HCL Tech’s global leadership in engineering services by strengthening its advanced technology capabilities in the fast-growing automotive engineering services segment in Europe and other key global markets.
In the coming together of E&E / software development and related capabilities of ASAP and HCL Tech’s own presence in the automotive space, the combined business will be a platform for growth in Germany and for further expansion into other key automotive markets in Europe, Americas and Japan.
“Core engineering is at the heart of HCL Tech’s DNA and truly differentiates our services portfolio. ASAP has developed some exciting capabilities in automotive engineering, and we share their vision for future of mobility. This agreement will enable us to scale these capabilities and innovations across our global network,” said Hari Sadarahalli, Corporate Vice-President, Engineering and R&D Services, HCLTech. “This investment also reinforces our commitment to Germany, which is a focus market for us. We will continue to nurture local talent and innovation ecosystem to unlock their potential.”
“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 Neisen, CEO at the ASAP Group. “We are confident that the combination of HCL Tech and ASAP’s engineering and technology performance will bring best-in-class advantages to the automotive industry worldwide.”
Lead image: ASAP Group
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