Hyderabad-based Cyient picks up majority stake in data analytics startup Invati Insights
Hyderabad-based IT company Cyient Ltd (formerly Infotech Enterprises) has acquired a 51 per cent stake in data analytics startup Invati Insights. While the financials of the deal remain undisclosed, various reports peg it at around $5 million.
As part of the deal, the startup will be renamed 'Cyient Insights' to better reflect the brand and market aspirations, Cyient said in statement.
Invati Insights will strengthen Cyient's data analytics capabilities and offerings across a set of chosen industry verticals. Invati's data sciences approach will also help the company provide robust analytics frameworks and solutions with a strong focus on Internet of Things (IoT) and advanced analytics.
The new entity 'Cyient Insights' will focus on analytics aligned to engineering, networks and operations across industry verticals like aerospace, oil & gas, utilities, communications, transportation, and energy.
Led by BVR Mohan Reddy (executive chairman), Cyient is an engineering and network solutions firm that provides solutions including product development and life-cycle support. According to the company, it has a cash reserve of Rs 7,350 million, besides 12,500 associates across 38 global locations, with delivery centres in North America, Europe, Middle East and Asia Pacific.
Cyient had reported a consolidated net profit of Rs 685.1 million on net sales of Rs 6,217 million in Q1, 2014. In March this year, the company had acquired US-based Softential Inc., an end-to-end IT service management/assurance solutions provider.