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The Indian IT service firm Cyient has taken over Grit Consulting and expanded its consulting division with a workforce of round 40 staff.

“This funding aligns with our consulting-centric progress technique and we see nice synergies between choices, expertise, footprint and shoppers,” mentioned Krishna Bodanapu, CEO of Cyient.

Based in 2014, Grit Consulting helps shoppers with a variety of choices together with organizational transformation, operational excellence, course of design, digital transformation and alter administration.

Based in late 2021, Grit Consulting works primarily for shoppers in asset-intensive industries, with a deal with gamers within the metals, mining and power sectors. The consulting firm is headquartered in Singapore and has further workplaces in Australia and the United Arab Emirates.

“Grit Consulting is nicely established in asset-intensive industries and can allow Cyient to increase and deepen its footprint in these industries by leveraging synergies with prospects, geographies and expertise. With Grit Consulting’s enterprise transformation experience and know-how options capabilities, we’re in a position to ship strategic outcomes for our shoppers,” mentioned Bodanapu.

In the meantime, by becoming a member of forces, Grit Consulting will allow the corporate to leverage Cyient’s worldwide attain and know-how capabilities to boost its companies, mentioned Jeremy Brown, founding companion of Grit Consulting. “We imagine this coming collectively will additional strengthen our capabilities to allow sustained efficiency enhancements and cultural enhancements throughout the group.”

All through the transaction (complete worth of US$37 million), Grit Consulting was suggested by Equiteq, a worldwide M&A specialist serving the skilled companies business. “Equiteq has been a real companion in facilitating your entire transaction course of and actively pursued the worth necessities of Cyient and Grit to maximise transaction potential,” mentioned John Ptasznik, CEO of Grit Consulting.

The Equiteq workforce was led by Sylvaine Masson and Jean-Louis Michelet, supported by Chi Hao Tey and Tibère Simonnet. “They had been an expert, skilled and devoted workforce, all the time available to convey readability and consciousness to a sophisticated and generally daunting course of,” added Ptasznik.

Sylvaine Masson, Director of Equiteq in APAC, said: “It has been a pleasure to assist Grit Consulting of their progress technique. This transaction brings collectively best-in-class advisory companies and revolutionary know-how options, paving the best way for a really thrilling future.”

The deal follows on the heels of Cyient’s largest acquisition in its 21-year historical past: the acquisition of Finland-based Citec — an gear and product growth companies firm — for a reported $101 million.