Automotive and mobility ecosystem focused IT services player KPIT Technologies announced the acquisition of cloud-based vehicle diagnostics specialist SOMIT solutions. The total value of the acquisition will be around GBP 7.68 million (around Rs 75 crore).
SOMIT enables after-sales operations of high tech luxury and new age OEMs through a cloud-based vehicle diagnostics platform & expert consulting services.
“SOMIT has created a niche for themselves in the challenger EV OEM segment. Their cloud-based platform complements KPITs existing after-sales platform to offer a more integrated solution for the benefit of our T25 clients. KPITs strategic T25 clients will benefit immensely. Generating revenue through the lifecycle of a vehicle is a key priority for OEMs. SOMIT and KPIT will better enable their OEM clients in realizing this strategic objective. This will be one of the fastest-growing market opportunities in the next 3-5 years,” said Kishor Patil, co-founder, CEO, and MD, KPIT Technologies.
Vehicle complexity is outgrowing existing servicing capabilities due to rapidly evolving software-centric architectures, high-tech automotive engineering, and an acute shortage of trained and certified service technicians across the globe.
Julian Soanes, founder and CEO, SOMIT solutions, said, “We are thrilled to join forces with KPIT. KPITs’ global leadership in the mobility ecosystem and complementary expertise in vehicle diagnostics will help us to offer holistic solutions to clients. Our vision to build cloud-based, scalable diagnostics and after-sales solutions that offer comprehensive coverage will be strengthened by KPIT. Together we will create leadership and innovation in this business segment.”
SOMIT had revenue of GBP 2.6 million for CY2021. SOMIT has a presence in the UK and US, with a current employee strength of 19. It is headquartered in Oxfordshire, UK.
Source: Business-Standard