Global Technology Solutions leader Cyient Ltd. have announced they are set to complete a USD$37 acquisition of Singapore-based firm Grit Consulting, a business with deep-rooted consulting expertise in asset-intensive industries like metal mining and energy. Grit Consulting has approx. 100 employees and consultants, and reported a turnover of USD$18.1 million in the financial year of 2022.
Cyient’s acquisition of Grit Consulting is expected to be completed on or before 5 May 2022, and will enable Cyient customers to tap into both Grit’s deep expertise and Cyient’s technology solutions capabilities, empowering Cyient to further their consulting-led, industry-centric, technology solutions growth aspirations.
This latest investment by Cyient follows closely on the heels of their previous EU$94 million acquisition of American headquartered plant and product engineering services company Citec, its largest acquisition to date, the largest outbound acquisition by an Indian engineering services company on record to date.
“We are expanding our Cyient Consulting practice with this investment. It aligns with our consulting-led growth strategy, and we see great synergies across talent, footprint, and customers. With Grit Consulting’s expertise in business transformation and our technology solutions capabilities, we can deliver strategic outcomes for our customers.”, said Cyient’s Managing Director and CEO, Krishna Bodanapu.
Jeremy Brown, Founding Partner, Grit Consulting stated “We are extremely honored to be acquired by Cyient and see enormous synergies in supporting our customers given Cyient’s international reach and technology capabilities”.
Mr Brown went on to say “We believe that this coming-together of Cyient’s technology solutions and our innovative socio-technical design consulting approaches will further strengthen our capabilities to enable sustainable performance improvements and cultural enhancement across the organization.”
Additionally this investment provides Cyient access to new customer portfolios and leverages customer, geographic, and talent synergies of both businesses, to enable expansion and deepen Cyient’s mining industry footprint.
“As we forge ahead on our path to be leading consulting-led, industry-centric, global technology solutions provider, the capabilities of Grit Consulting and our consulting practice will be of greater strategic value to our customers in their digital transformation journey.”, said Meenu Bagla, CMO of Cyient.
This acquisition seems well-timed in light of a recently published Global Management Consulting Services Market Report from BusinessWire, which estimates the global management consulting services market to reach USD$1.2 trillion by the year 2025.
Full release here: