Cyient, a leading consulting-led, industry-centric, global Technology Solutions company, today announced that it had signed definitive agreements to acquire Celfinet. An international Wireless Engineering Services company, Celfinet, is focused on providing end-to-end Network Planning and Performance Optimization services. Cyient will acquire the Portugal-based company for EURO 41 Million.
The reach and performance of ongoing 5G deployment and early steps towards 6G are developing to a point where they provide flawless infrastructure for pervasive and unified connectivity. With this acquisition, Cyient strengthens its Wireless Engineering practice to support Communication Service Providers (CSPs) and Enterprises in deploying their pervasive connectivity networks at scale. This will also enable Enterprises to build networks to harness the power of 5G and drive their own Digital Transformation journey. The addition will further strengthen Cyient's presence in Europe, where Celfinet has a strong footprint, and help scale Cyient's business across North America and Australia.
Commenting on the acquisition, Krishna Bodanapu, Managing Director and CEO, Cyient, said, "Cyient is helping CSPs engineer the networks of tomorrow by delivering solutions across Intelligent Infrastructure, Smart Operations, and Enterprise Network Transformation. Celfinet's deep expertise and long-standing customer relationships will further add to our capabilities as we strengthen our technology play in wireless networks for 5G rollouts. In addition, Portugal has a highly skilled engineering workforce, making it a strategic innovation hub for expanding our global delivery footprint."
Nuno Ribeiro and José Mata, Founder and Co-CEOs, Celfinet, declared, "We are very excited about this new journey we are starting with Cyient. Despite many approaches over the years, it was critical to wait for the right fit in a company to take over the business and unleash our potential. Cyient presented not only shared values but also an ambitious and innovative vision for the future, with Celfinet acting as the cornerstone investment to drive Cyient's Wireless Engineering forward."
Shares of Cyient Limited was last trading in BSE at Rs. 797.00 as compared to the previous close of Rs. 796.25. The total number of shares traded during the day was 5537 in over 817 trades.
The stock hit an intraday high of Rs. 824.20 and intraday low of 791.05. The net turnover during the day was Rs. 4479164.00.