GlobalLogic, a Hitachi Group company, said it has entered into a definitive agreement to acquire Ireland-based software company Sidero Ltd.
The acquisition will help GlobalLogic to develop its technology stack as well as expand its presence in the European market, the company said in a statement. It didn’t disclose the financial terms of the transaction.
The transaction is subject to customary regulatory approval and is expected to close in the second half of 2023. Sidero will continue to operate with its existing leadership and staff as a wholly owned subsidiary of GlobalLogic.
“Our presence in communications technology complements Sidero's competencies. The acquisition will bring value to our mutual clients and enhance our leadership in this and other verticals,” said Nitesh Banga, president and chief executive officer, GlobalLogic.
Founded in 2013, Sidero works in technologies such as radio access networks, self-optimizing networks, cloud, and agile development practices. Its teams are based out of Athlone, Republic of Ireland as well as Newry, Northern Ireland.
GlobalLogic is a Silicon Valley-based infotech firm. It operates design studios and engineering centers and is part of the Hitachi Group. It works with clients across sectors such as automotive, communications, financial services, healthcare and life sciences, manufacturing, media and entertainment as well as semiconductors.
Hitachi acquired GlobalLogic in 2021 for $9.6 billion in a deal that helped Canada Pension Plan Investment Board (CPPIB) and Swiss private investment firm Partners Group make a profitable exit from the company.
This is the second M&A transaction in the software and analytics segment in the last two weeks. Earlier in June, US-based data analytics startup ThoughtSpot Inc acquired business intelligence platform Mode Analytics for $200 million (around Rs 1,600 crore) in cash and stock.