KPIT Technologies Limited, the Pune-based Indian Software MNC, announced on Wednesday that its board confirmed the acquisition of four Technica Group companies with Euro 80 million (₹640 crores) under fixed consideration to be paid over the period of Six months. The Technica Group will soon be completely owned by KPIT Technologies on completion of the customary closing procedures expected by October end of this year.

In an exchange filing, KPIT Tech informed that “The board has approved the acquisition of Technica Engineering Gmbh, Germany, Technica Electronics Barcelona S.L., Spain and Technica Engineering Spain S.L., Spain through KPIT Technologies GmbH, a wholly owned step down subsidiary of the Company of 100% shareholding and Technica Engineering Inc, USA through KPIT Technologies Inc. a wholly owned step down subsidiary of the Company of 100% shareholding.”

The target companies are established names in automotive production-ready system prototyping (combination of network system architecture, hardware prototyping, integration), automotive ethernet products, and tools for validation. KPIT Technologies GmbH & KPIT Technologies Inc. will acquire the complete hundred percent of the shareholding.