HYDERABAD, India, April 25, 2022 /PRNewswire/ -- Cyient, a leading global Technology Solutions company, today announced that it has signed definitive agreements to acquire Citec, an international Plant and Product engineering services company serving customers across the energy, process, oil and gas, and manufacturing industries. This will be the largest outbound acquisition by an Indian engineering services company and Cyient's largest acquisition to date. The acquisition transactions will be completed during the quarter.
This acquisition will enhance Cyient's position as a leader in the Plant and Product Engineering sector, strengthen its presence in the energy industry with a focus on clean energy and expand its European footprint in the Nordic countries of Finland, Norway, and Sweden, and in Germany and France.
The combined portfolios of Cyient and Citec will be one of the largest independent plant engineering capabilities globally. This will enable customers to leverage a comprehensive set of services and offerings such as Plant Engineering, Digital Solutions, Product Engineering, Consulting, and Technical Documentation. And the synergies from these combined portfolios will provide the scale, expertise, resources, and access to new capabilities that can be offered to customers.
Commenting on the proposed acquisition, Krishna Bodanapu, Managing Director and CEO, Cyient, said, "We are already enabling our customers to accelerate their digital industrial transformation with our INTELLICYIENT suite of solutions. This acquisition will allow us to take our combined Plant Engineering and Digital Solutions portfolio to a new set of customers who have extensive manufacturing facilities globally. Citec's strong brand value and talent pool, especially in the Nordic region, will be integral to Cyient gaining a strong foothold in the region and accelerating our future growth."
"I am truly happy that Citec partners with Cyient," said Johan Westermarck, CEO, Citec. "The joint journey starts now, and we are excited to build a strong future together step by step. The large international organization of Cyient, with more than 14,000+ experts, enables new offerings to our customers, as well as new opportunities for our employees. Through Cyient, we can provide customers a much more comprehensive set of services and solutions, such as the utilization of Cyient's strong digital offering", said Johan.
Citec was founded in 1984 as an international Plant and Product engineering services company serving customers across the energy, mining, process, oil and gas, and manufacturing industries. Over the years, Citec has developed deep technical expertise and competency with end-to-end capabilities across the plant engineering value chain and technical documentation. Citec provides its customers tremendous flexibility through its partnership-based model and will bring a team of experienced leaders and existing customers to Cyient.
Cyient (Estd: 1991, NSE: CYIENT) is a leading global Technology Solutions company. We enable our customers to apply technology imaginatively across their value chain to solve problems that matter. We are committed to designing tomorrow together with our stakeholders and being a culturally inclusive, socially responsible, and environmentally sustainable organization.
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Citec's expertise is in industrial plant engineering, product engineering, technical documentation, and digital solutions. We do multidiscipline engineering and technical documentation worldwide and make an impact on people's lives through global projects and innovations. Citec is headquartered in Vaasa, Finland, and has offices in Finland, Sweden, Norway, France, Germany, and India. Citec currently employs more than 1,200 persons worldwide.