French technology engineering consulting services firm Altran has agreed to acquire Bangalore-based startup SiCon Design Technologies Pvt Ltd, for an undisclosed amount, it said on Tuesday.
Founded in 2010, SiConTech is specialised in semiconductor design services and also offers application specific integrated circuit design, verification, etc. It has a team of over 500.
"Becoming part of the Altran group will broaden our expertise, as well as enhance both our client portfolio and our research and development capacity, and reinforce our position with our customers," said Naveen Chava, CEO, SiConTech.
The acquisition is part of Altran's strategy to expand its footprint in the country and will strengthen its global intelligent systems solutions business.
The deal will be EPS accretive as SiCon is a profit-making venture and the deal is expected to be finalised before the end of this year.
“This acquisition meets all the acquisition criteria defined by our group in terms of profitability and growth potential. With this acquisition, the group has reached and surpassed a symbolic milestone and Altran India now has a team of more than 1,000 employees. In addition, the acquisition of SiConTech will enable us to accompany our strategic American clients operating in semi-conductors and embedded software, two major sectors," said Dominique Cerutti, chairman and CEO of Altran.
Altran Group, which generated revenues of €1.756 billion ($1.94billion) in 2014, has over 24,000 employees in more than 20 countries. This would be Altran's first known acquisition in the country.
KPMG was financial advisor to Altran while Samvad Partners provided legal advisory services.
Consark LLP was the sell side advisor with Link Legal Law Services India providing legal advisory to SiConTech.