KPIT Technologies has signed a definitive agreement to acquire a controlling stake in PathPartner Technology. PathPartner is a specialist design service and solution provider of operating system software and low-level software for Automotive, Camera, Radar, and Multimedia devices. The deal is subject to customary closing conditions and is expected to get closed in Q2 FY 2021-22.
KPIT will initially purchase 60 percent stake for a consideration of Rs 890 million, and the balance stake is proposed to be acquired over a period of 2 years against defined growth targets. The total consideration for 100 percent stake will not exceed Rs 1,910 million.
KPIT is a global technology company with software solutions that will help mobility leapfrog towards an autonomous, clean, smart and connected future.