Cyient to acquire Singapore-based Grit Consulting for $37 Million

Cyient Ltd, a Hyderabad-based IT services firm, has now acquired Singapore-based Grit Consulting for a total consideration of $37 million to strengthen its technology consulting practice and gain access to some of the new customer portfolios.

The acquisition deal is expected to close on the 5th of May 2022.

Cyient's MD and CEO, Krishna Bodanapu, said, "We are expanding our Cyient Consulting practice with this investment. It aligns with our consulting-led growth strategy, and we see great synergies across talent, footprint, and customers. With Grit Consulting's expertise in business transformation and our technology solutions capabilities, we can deliver strategic outcomes for our customers".

Jeremy Brown, Founding Partner Grit Consulting, said, "We are extremely honored to be acquired by Cyient and see enormous synergies in supporting our customers given Cyient's international reach and technology capabilities. We believe that this coming-together of Cyient's technology solutions and our innovative socio-technical design consulting approaches will further strengthen our capabilities to enable sustainable performance improvements and cultural enhancement across the organization."

Grit Consulting has an expertise in consulting for asset-intensive industries like energy and metal mining, and via its acquisition, Cyient will also use the customer, geographic, and talent synergies to enable expansion and deepen its mining industry footprint.

The global consulting services market is expected to cross around $1.2 trillion by the end of 2025, and the acquisition of Grit Consulting will also help Cyient to accelerate its consulting capabilities and deliver innovative technology solutions to its customers.

Grit Consulting had a turnover of around $18.1 million in FY22 and around 100 consultants and employees working for the company to date.