Geometric acquires 3Cap Technologies GmbH
Geometric Limited (BSE: 532312, NSE: GEOMETRIC), a leader in Product Lifecycle Management (PLM), Global Engineering Services and Outsourced Software Product Development (OSPD) solutions and technologies, today announced that its German subsidiary, Geometric Europe GmbH has acquired 100% stake in 3Cap Technologies GmbH (3Cap), a specialist in electronics engineering, primarily for the automotive industry, based in Oberschleißheim near Munich, Germany.
- (1888PressRelease) January 03, 2013 - Mumbai: 3Cap employs over 110 people, all of whom work out of Germany. It has seven customers, which are mostly tier 1 automotive suppliers. 3Cap offers a multitude of services to its customers ranging from Embedded Systems Development Verification and Validation, and Calibration in the areas of powertrain and chassis.
Announcing the acquisition, Mr. Manu Parpia, MD & CEO, Geometric said, "This acquisition represents an important step in our strategy to provide greater capability and more comprehensive solutions in the digital product realization space to our customers". Geometric has strength in engineering software and mechanical engineering services, with almost 70% of its revenues coming from the US market. "The use of embedded systems is increasing in all our customer products. This acquisition fills a major gap in the solutions we offer to our customers, while at the same time strengthening our presence in Europe. Thus, in taking this action, we address two main needs of our customers - the ability to deliver embedded systems based solutions and a stronger presence in Europe".
3Cap is a young multicultural company founded in 2004 by Mr. Henri Sadoune, who is a French national based out of Munich, Germany. Mr. Sadoune has entered into a long term agreement with Geometric and will take responsibility for all embedded systems activities, including Geometric's existing embedded systems projects.
Henri Sadoune, MD, 3Cap Technologies added, "We are very happy to provide our customers the global reach and end-to-end capabilities that this association with Geometric gives us. Moreover, the underlying ethos of both companies to 'partner' with customers will further cement this merger and strengthen our common business development".
3Cap is valued at Euros 11 million of which Euros 7.5 million will be paid up front. Geometric is funding the acquisition out of accrued cash. The balance payments will be subject to earn-out under mutually agreed terms and conditions over a maximum period of 3 years. In the calendar year 2012, 3Cap had revenues close to Euros 11 million. The acquisition is effective 1st January 2013.
About Geometric
Geometric (www.geometricglobal.com) is a specialist in the domain of engineering solutions, services and technologies. Its portfolio of Global Engineering services and Digital Technology solutions for Product Lifecycle Management (PLM) enables companies to formulate, implement, and execute global engineering and manufacturing strategies aimed at achieving greater efficiencies in the product realization lifecycle.
Headquartered in Mumbai, India, Geometric was incorporated in 1994 and is listed on the Bombay and National Stock Exchanges. The company recorded consolidated revenues of Rupees 8.08 billion (US Dollars 167.51 million) for the year ended March 2012. It employs over 4500 people across 12 global delivery locations in the US, France, Romania, India, and China. Geometric was assessed as CMMI 1.1 Level 5 for its software services and is ISO 9001:2008 certified for engineering operations. The company's operations are also ISO 27001:2005 certified.
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For more information, please contact:
Media Contact
Kavita Karnani
+91.20.40284496
kavita.karnani ( @ ) geometricglobal dot com
Geometric Limited
Regd. office: Plant 6 Pirojshanagar
Vikhroli (West) Mumbai 400 079 India
Tel + 91.22.67056500
Fax + 91.22.67056891
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