HCLTech Acquires German Auto Tech Company ASAP Group For ₹2,290 Crore
HCL Technologies, a global technology company, has announced its plans to acquire ASAP Group, a Germany-based automotive engineering services provider. The deal, valued at 251.1 million euros, is expected to be completed by September 2023.
ASAP Group specializes in future-oriented automotive technologies such as autonomous driving, e-mobility, and connectivity. It serves top automotive original equipment manufacturers and tier 1 suppliers in Germany.
With over 1,600 employees and 9 locations in Germany, ASAP Group reported a turnover of ₹1,355 crore ($154.3 million euros) in 2022. ASAP Group had a 26% growth (₹1,076 Crore) in the last year.
HCL Tech is a global leader in engineering and R&D services, and has announced its acquisition of ASAP Group. This acquisition will strengthen HCL Tech’s position in the automotive engineering services segment in Europe and other key global markets.
The CEO of ASAP Group, Michael Neisen, expressed excitement about aligning their growth journey with HCL Tech’s purpose of using technology and people to drive progress.
HCL Tech’s Corporate VP, Hari Sadarahalli, highlighted the importance of core engineering in their services portfolio and their commitment to nurturing local talent and innovation in Germany.
This acquisition may enhance HCL Tech’s capabilities and innovations in the automotive industry worldwide.
The agreement will allow HCLTech to expand their engineering and innovation services across their global network.
The CEO of ASAP expressed excitement about aligning their growth journey with HCLTech’s mission of using technology and people to drive progress.
Both companies believe that their combined expertise will bring significant advantages to the automotive industry worldwide.
This investment also demonstrates HCLTech’s commitment to Germany as a focus market, where they will continue to support local talent and foster innovation.