Acquisitions21 Oct 2024, 06:38 pm
KPIT Technologies Completes €14.5 Million Milestone in Technica Group Acquisition
AI Summary
KPIT Technologies Ltd, in reference to its earlier communication regarding the acquisition of the Technica Group, has completed a €14.5 million milestone out of the maximum variable consideration of €30 million. This includes €9.5 million towards earnout for performance conditions and €5 million for the acquisition of KPIT engineering SUARL, a nearshore development center for Technica GmbH. The acquisition will not affect the company's business, financial reporting, or operations.
Key Highlights
- KPIT Technologies has completed a €14.5 million milestone in the Technica Group acquisition.
- The milestone includes €9.5 million towards earnout for performance conditions and €5 million for the acquisition of KPIT engineering SUARL.
- The acquisition of KPIT engineering SUARL is a nearshore development center for Technica GmbH, who is their sole customer.
- The transaction will not affect the company's business, financial reporting, or operations.
- The total fixed consideration for the acquisition of the Technica Group was €80 million.