Indian IT services company Cyient has acquired Grit Consulting, adding a team of around 40 staff to its consulting division.
“This investment aligns with our consulting-led growth strategy, and we see great synergies across offerings, talent, footprint, and customers,” said Krishna Bodanapu, the CEO of Cyient.
Founded in 2014, Grit Consulting helps clients with a range of offerings including organisational transformation, operational excellence, process design, digital transformation, and change management.
Grit Consulting, established late 2021, works mainly for clients in asset-intensive industries, with a focus on players in the metals, mining and energy sectors. The consulting firm is headquartered in Singapore and has further offices in Australia and the United Arab Emirates.
“Grit Consulting is well established in asset-intensive industries and will allow Cyient to expand and deepen its footprint in these industries by leveraging customer, geographic, and talent synergies. With Grit Consulting’s expertise in business transformation and our technology solutions capabilities, we can deliver strategic outcomes for our customers,” said Bodanapu.
Meanwhile, for Grit Consulting, the joining of forces will enable the firm to leverage Cyient’s international reach and technology capabilities to enhance its services, said Jeremy Brown, Founding Partner of Grit Consulting. “We believe that this coming-together will further strengthen our capabilities to enable sustainable performance improvements and cultural enhancement across the organisation.”
Throughout the deal (worth a total consideration of $37 million), Grit Consulting was advised by Equiteq, a global M&A specialist to the professional services industry. “Equiteq were a true partner in facilitating the entire transaction process and actively pursued the value needs of both Cyient and Grit to maximize deal potential,” said John Ptasznik, CEO of Grit Consulting.
Equiteq’s team was led by Sylvaine Masson and Jean-Louis Michelet, supported by Chi Hao Tey and Tibère Simonnet. “They were a professional, experienced and dedicated team who were always on hand to make a complicated and sometimes daunting process clear and intentional,” added Ptasznik.
Sylvaine Masson, Director of Equiteq in APAC, stated: “It has been a pleasure to and assist Grit Consulting in their growth strategy. This transaction brings together premium advisory services and innovative technology solutions, which paves the way for a very exciting future.”
The deal comes hot on the heels of Cyient’s largest acquisition in its 21-year history: the purchase of Finland-based Citec – a plant and product engineering services company – for a reported $101 million.