IT organisation Geometric pronounced a subsidiary, Geometric Europe, has acquired German association 3Cap Technologies for 11 million euros (Rs 79.19 crore). “3Cap is valued during 11 million euros, of that 7.5 million euros will be paid adult front. Geometric is appropriation a merger out of accrued cash,” Geometric pronounced in a filing to a BSE.
The change payments will be theme to earn-out underneath jointly concluded terms and conditions over a limit duration of 3 years, it added. “This merger represents an critical step in a plan to yield larger capability and some-more extensive solutions in a digital product realization space to a customers,” Geometric MD and CEO Manu Parpia said.
Geometric has strength in engineering program and automatic engineering services, with roughly 70 per cent of a revenues entrance from a US market. “This merger fills a vital opening in a solutions we offer to a customers, while during a same time strengthening a participation in Europe,” he added.
Based in Oberschleißheim, Germany, 3Cap Technologies specialises in wiring engineering, essentially for a automotive industry. Founded in 2004, it employs over 110 people and offers services trimming from embedded systems growth corroboration and calibration in a areas of powertrain and chassis.
In calendar year 2012, 3Cap had revenues tighten to 11 million euros and a merger is effective Jan 1, 2013, it said. Geometric available combined revenues of Rs 808 crore for a year finished Mar 2012. It employs over 4,500 people opposite 12 tellurian smoothness locations in a US, France, Romania, India, and China.
Article source: http://www.moneycontrol.com/news/business/geometric-acquires-3cap-technologies-for-11m-euros_802679.html
