HCLTech to buy German automotive services firm ASAP for $280 million

BENGALURU: Indian IT services major HCLTech said late on Wednesday it will buy German automotive engineering services firm ASAP Group for an enterprise value of about 251 million euros ($279.83 million) as it looks to grow in the automotive space.

HCLTech would leverage the acquisition for further expansion into automotive markets in Europe, the Americas and Japan, the company said in a stock exchange filing.

Founded in 2010, ASAP Group serves top automotive original equipment manufacturers and tier-1 suppliers in Germany. Its portfolio includes software development, consulting services and vehicle development the statement added.