HCLTech, a leading global technology company, today announced it has signed a definitive agreement to acquire 100% equity stake in ASAP Group, an automotive engineering services provider. The transaction is subject to relevant regulatory approvals and is expected to close in September 2023.
Headquartered in Ingolstadt, Germany, ASAP is focused on future-oriented automotive technologies in areas such as autonomous driving, e-mobility and connectivity. ASAP serves top automotive original equipment manufacturers (OEM) and tier 1 suppliers in Germany. ASAP's services portfolio comprises electrics/electronics, software, consulting, service testing and validation and vehicle development. ASAP has over 1,600 employees across nine locations in Germany.
HCLTech is a global leader in engineering and R&D services and works with 63 of the top 100 global engineering R&D spenders. The acquisition will boost HCLTech's global leadership in engineering services by strengthening its advanced technology capabilities in the fast-growing automotive engineering services segment in Europe and other key global markets.
"Core engineering is at the heart of HCLTech's DNA and truly differentiates our services portfolio. ASAP has developed some exciting capabilities in automotive engineering, and we share their vision for future of mobility. This agreement will enable us to scale these capabilities and innovations across our global network," said Hari Sadarahalli, Corporate Vice President, Engineering and R&D Services, HCLTech. "This investment also reinforces our commitment to Germany, which is a focus market for us. We will continue to nurture local talent and innovation ecosystem to unlock their potential."
"We are delighted to align our growth journey with HCLTech's purpose of bringing together the best of technology and people to supercharge progress for all stakeholders," said Michael Neisen, CEO at the ASAP Group. "We are confident that the combination of HCLTech and ASAP's engineering and technology performance will bring best-in-class advantages to the automotive industry worldwide."
Shares of HCL Technologies Limited was last trading in BSE at Rs. 1110.05 as compared to the previous close of Rs. 1114.70. The total number of shares traded during the day was 73211 in over 5247 trades.
The stock hit an intraday high of Rs. 1124.15 and intraday low of 1103.00. The net turnover during the day was Rs. 81453234.00.