HCLTech Acquiring German Automotive Services Firm ASAP Group for $280 Million

India's IT services & consultancy giant HCLTech will buy German automotive engineering services firm ASAP Group for an enterprise value of about € 251 million (US $279.83 million).

Founded in 2010, the ASAP Group focuses on future-oriented automotive technologies in areas such as autonomous driving, e-mobility and connectivity. It serves top OEMs and tier-1 suppliers in Germany. Its portfolio comprises of electronics, software, consulting, services, testing and validation along with vehicle development. The group has over 1,600 employees across nine locations in Germany.

HCLTech is looking to expand into automotive segment and the company would utilize the acquisition for further expansion into automotive markets in Europe, the Americas and Japan.

Earlier in May, HCLTech acquired Switzerland based Confinale AG, a digital banking and wealth management consulting specialist.