Pune & Bangalore, India 21st June 2021: KPIT Technologies, a leading independent software development, and integration partner to the automotive and mobility industry, announced the signing of 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 INR 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 INR 1,910 million.
Mr. Kishor Patil, CEO, KPIT Technologies, said, “We welcome PathPartner Technology to the KPIT family. PathPartner’s competence in the operating system software and low-level software and existing semiconductor partnerships for early access to platforms is key to delivering complex production programs. Together, we can offer differentiated offerings for new-age vehicle architectures and strengthen our software integration expertise.”
Mr. Tushar K Adhikary, CEO, PathPartner Technology, said, “We are happy to join the KPIT family. KPIT’s vision to reimagine mobility, global presence, scale, software integration strategy gives our team opportunities to grow and add value. KPIT’s strong relationships with auto OEMs and Tier 1s, work on multiple production programs will open doors to taking complementary and differentiated offerings.”
KPIT is a leading independent software development and integration partner helping mobility leapfrog towards a clean, smart, and safe future. With 7000 automobelievers across the globe specializing in embedded software, AI, and digital solutions, KPIT accelerates clients’ implementation of next-generation technologies for the future mobility roadmap. With engineering centers in Europe, the USA, Japan, China, Thailand, and India, KPIT works with leaders in automotive and mobility and is present where the ecosystem is transforming.
For more details, visit www.kpit.com
About PathPartner Technology
PathPartner is a product engineering and R&D specialist company helping its clients to develop, productize, and maintain advanced technology products. With extensive expertise in embedded operating systems, low-level processor architectures, hardware-accelerated computer vision, deep learning, radar, imaging technologies, and multimedia, PathPartner provides next-gen technology solutions to customers in automotive, intelligent edge devices and digital media products.
For more details, visit www.pathpartnertech.com