Indian IT services major HCL Tech said late on Wednesday it will buy German automotive engineering services firm ASAP Group for an enterprise value of about 251 million euros ($279.83 million) as it looks to grow in the automotive space.
HCL Tech would leverage the acquisition for further expansion into automotive markets in Europe, the Americas and Japan, the company said in a stock exchange filing.
Founded in 2010, ASAP Group serves top automotive original equipment manufacturers and tier-1 suppliers in Germany. Its portfolio includes software development, consulting services and vehicle development the statement added.
The announcement comes after HCL Tech reported a weaker-than-expected June-quarter result as its technology and telecom clients cut discretionary spending amid global macroeconomic uncertainties.
The company's net profit rose 7.65% to 35.34 billion rupees ($430.91 million) in the quarter ended June 30, but missed analysts' average estimate of 38.17 billion rupees, according to Refinitiv IBES data.
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