Cyient acquires Finland-based Global Plant Citec

On Monday, technology solutions firm Cyient announced that it has acquired Finland-based Citec, a global plant, and product engineering services company. However, the amount at which the acquisition of Citec happened has not been disclosed. According to the technology solutions company, this is the largest outbound acquisition by an Indian engineering services company and its largest acquisition to date. Cyient in a statement informed that the deal will enhance its presence in the energy industry with an emphasis on clean energy and expand its European footprint in the Nordic countries of Finland, Norway, and Sweden, along with Germany and France.

Krishna Bodanapu, Managing Director and CEO of Cyient said, "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 was founded in the year 1984 and right now is serving customers across the energy, process, oil and gas, and manufacturing industries.  Johan Westermarck, CEO of Citec said, "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."