Cyient to Buy Portugal-Based Celfinet for Around Rs 340 Crore

Cyient has now signed agreements to acquire Celfinet, a Portugal-based wireless engineering service provider, for approx. INR 340 crores, as per the report.

The acquisition will be going to help the company to strengthen its presence in Europe, where Celfinet has a strong footprint, and help scale Cyient’s business across Australia and North America.

Krishna Bodanapu, Managing Director and CEO, Cyient, said, "Cyient is helping CSPs engineer the networks of tomorrow by delivering solutions across Intelligent Infrastructure, Smart Operations, and Enterprise Network Transformation. Celfinet's deep expertise and long-standing customer relationships will further add to our capabilities as we strengthen our technology play in wireless networks for 5G rollouts. In addition, Portugal has a highly skilled engineering workforce, making it a strategic innovation hub for expanding our global delivery footprint."

Nuno Ribeiro and José Mata, Founder and Co-CEOs, Celfinet, said, "We are very excited about this new journey we are starting with Cyient. Despite many approaches over the years, it was critical to wait for the right fit in a company to take over the business and unleash our potential. Cyient presented shared not only values but also an ambitious and innovative vision for the future, with Celfinet acting as the cornerstone investment to drive Cyient's Wireless Engineering forward."

The company offers solutions for communications service providers (CSPs) to build intelligent infrastructure, enterprise network transformation, and smart operations.

The homegrown firm had also signed a memorandum of understanding (MoU) with the Indian Institute of Technology (IIT), WiSig Networks, a startup incubated at the college, for bulk production of chips being designed for IoT products.

The company claimed that the chip would be the chip architected and designed in India and will be known as the Koala NB-IoT System on chip (SoC). NB-IoT for the narrowband IoT, which is a wireless communication standard for the ioT devices that require small amounts of data and low bandwidth, like smart meters.