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Cyient will get Australia’s FIRB clearance, completes acquisition of IG Partners

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New Delhi: IT and engineering companies firm Cyient on Friday stated it has acquired nod from the Foreign Investment Review Board (FIRB) of Australia, and has accomplished the acquisition of Australian consulting agency IG Partners. In August this 12 months, Cyient had stated it should purchase Australian consulting agency IG Partners to develop its end-to-end choices for the native and regional assets sector.

“This is to inform that further to our communication on August 31, 2020, regarding the signing of a definitive agreement to acquire 100 per cent stake in Integrated Global Partners Pty Limited (IG Partners), an Australia-based technology consultancy company, the FIRB of Australia has issued a no objection certificate for the investment,” Cyient stated in a regulatory submitting.

Consequently, the corporate has now accomplished the acquisition, it added.

In its August 31 submitting, Cyient had stated the enterprise worth included an upfront AUD 11.6 million on a money free and debt free foundation, and earn outs primarily based on future efficiency.

Integrated Global Partners Pty Ltd (IG Partners) is headquartered in Melbourne, Australia and employs about 40 staff and consultants. Founded in 2012, its income for FY2020 was AUD 14.eight million.

Cyient has a rising presence in Australia, offering options to the mining, oil and fuel, rail, telecom, and utility industries.

The acquisition provides to Cyient’s footprint in Australia, which is a vital area for the corporate’s future development, Cyient had stated.

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