KPIT Technologies buys 100 percent stake in Caresoft’s Global Engineering business, know details

KPIT Technologies, the engineering research company, has acquired a 100 percent stake in Caresoft Global’s 4 entities. The company has acquired Caresoft Global Technologies, Caresoft Engineering Services, Careglotech, and OXI SRL in a deal amounting to Rs $191 million.

In an exchange filing, the company stated that the transition will be completed in a period of three years, and the purchase amount also includes a $25 million variable payment to be paid in a period of 4 years. The variable payment depends upon revenue achievement and other business synergy milestones.