Altran acquires SiConTech, one of the fastest growing Indian technologies firms, specialised in semiconductor design services
Altran has announced the acquisition of SiCon Design Technologies (SiConTech), an engineering services company specialised in semiconductor design. SiConTech currently works with seven of the top ten global semiconductor companies and was ranked one of the fastest growing ASIC design services companies in India by Deloitte Technology Fast 50 India in 2013 and 2014. Founded in Bangalore in 2010, the company has a team of over 500 experts, specialised in ASIC (Application-Specific Integrated Circuit) Design, Verification, DFT (Design For Test), FPGA (Field- Programmable Gate Array) implementation and embedded software development. The acquisition of SiConTech is perfectly in line with the Group strategy to expand its footprint in India and reinforce the Altran global Intelligent Systems solution dedicated to autonomous systems, smartphones, smart meters, medical devices, connected cars, advanced air traffic control and smart sensors. Commenting on the operation, Altran Chairman and CEO Dominique Cerutti stated, “This acquisition meets all the acquisition criteria defined by our group in terms of profitability and growth potential.
For Altran, the interests of this operation are two-fold: India is a key market for delivering engineering services on the global stage where Altran is set on becoming a key player. With this acquisition, the Group has reached and surpassed a symbolic milestone and Altran India now has a team of more than one thousand employees. In addition, the acquisition of SiConTech will enable us to accompany our strategic American clients operating in semi-conductors and embedded software, two major sectors.
CEO and Managing Director of Altran India Sanjay Kumar added, “From the time Altran gained a foothold in India, we’ve gone from strength to strength with respect to innovating and delivering more value to our customers in all industrial sectors both in India and throughout the world. The acquisition of SiConTech will help us to enhance our embedded software offering and to expand our range of services”.
Speaking for SiConTech, company CEO Naveen Chava said, “Altran and SiConTech share the same drive to make a difference and innovate through technology. Becoming part of the Altran group will broaden our expertise, as well as enhance both our client portfolio and our research and development capacity, and reinforce our position with our customers. We are very excited about what the future holds for us as part of a larger organisation”.
The acquisition of SiConTech was financed entirely by the Altran group and will be EPS enhancing as of the first year. The operation is expected to be finalised in 2015, and is subject to customary conditions precedent.
- Buy-side advisor: KPMG Corporate Finance India
- Legal: Samvad Partners
- Financial Due Diligence: KPMG Transaction Services India
- Tax Due Diligence and Structuring: KPMG M&A team India
- Sell-side advisor: Consark LLP
- Legal: Link Legal Law Services India