IT services major HCLTech has completed the acquisition of ASAP Group, a German automotive engineering services provider on August 31. The company had intimated the acquisition on July 12 and confirmed the completion through a BSE filing.

“The Company (on July 12) had intimated the acquisition of
100% stake in ASAP Group, an automotive engineering services provider headquartered in Germany along with a disclosure under Regulation 30(4) of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. We would like to inform you that the aforesaid acquisition has been completed effective August 31, 2023,” the company said.

Also Read | HCLTech acquires German autonomous driving tech firm for $279 million

Founded in 2010 and headquartered in Ingolstadt, Germany, ASAP works with the top automotive original equipment manufacturers (OEM) and tier-1 suppliers in Germany.

ASAP’s services portfolio comprises electrics/electronics, software, consulting, service testing and validation, and vehicle development.

The company has over 1,600 employees across nine locations in Germany.

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On August 10, HCL Tech had signed a $2.1-billion deal with Verizon Business for providing managed network services to its global enterprise customers.

HCLTech on July 12 reported 7.6 percent year-on-year (YoY) growth in net profit in the first quarter of 2024. Consolidated revenue for the quarter grew 12 percent YoY at Rs 26,296 crore as compared to Rs 23,464 crore in Q1FY23.