PUNE: IT consulting and product engineering firm KPIT said that it had completed the agreement to sell its Berlin-based subsidiary KPIT medini Technologies to ANSYS. The subsidiary focuses on functional safety products under the ‘Medini’ brand. The valuation of the transaction wasn’t disclosed.
Medini is a functional safety product which has applications beyond KPIT’s focused industries and as a software product needs a wider and different distribution network to reach out to other industries beyond KPIT’s focus areas. KPIT is expanding its portfolio as a provider of services and platforms to the automotive industry for product engineering areas such as Powertrain, AUTOSAR, Diagnostics, Infotainment, etc.
While KPIT will continue to provide services around the Medini tools, it would like to deepen its domain expertise by continuing to make further strategic investments in its focus areas for which the proceeds from this sale will be used. “We are very happy about synergy in the tools strategy for medini and ANSYS.,” said Kishor Patil, CEO of KPIT Technologies. “KPIT will continue to focus on functional safety services and be a long term strategic partner to medini & ANSYS”
