US-based Arrow Electronics is acquiring eInfochips, a software R&D firm based out of Ahmedabad, Gujarat and San Jose, California, for reportedly ₹1,800 crore. Both the companies however have disclosed the purchase amount yet.

The transaction is expected to close this month. And, it is said that post acquisition, out 1,500 eInfochips employees working worldwide about 350 employees would get ₹1 crore each for their ESOP holdings.

“Upon close of this acquisition, eInfochips advances our IoT strategy, expands our offerings, and moves us into the rapidly growing IoT services market. As a result, we will deliver complex and connected IoT solutions and technologies across multiple cloud platforms,” said Michael J. Long, chairman, president, and chief executive officer of Arrow, in a press release statement. “This acquisition adds over 1,500 IoT solution architects, engineers, and software development resources to Arrow’s already leading position in IoT design services.”

Founded in 1994 by Pratul Shroff, eInfochips eInfochips works with global Fortune 1000 companies at every phase of technology deployment, including developing custom hardware and software and new IoT-based business models.

Last week, sources from Ahmedabad-based venture fund GVFL, which holds an around 5% stake in eInfochips, confirmed that a deal had been struck.

Pratul Shroff, Founder & CEO of eInfochips, in an official acquisition announcement said, "This also brings a $23.8 billion revenue Fortune 118 corporation to Ahmedabad, Gujarat -- which is a matter of immense pride to all of us at eInfochips. This acquisition is also a testament to our engineering execution, expertise in connected devices and connecting them to the cloud, and the trust that our clients place in us. We are excited to join forces with Arrow to further add value to our clients across the world”

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.