Cyient, a leading IT engineering service provider, announced on Monday that it has acquired a 27.3% stake in Azimuth AI, a fabless custom ASIC company, for $7.25 million. According to a recent statement from the Hyderabad-based firm, this strategic move strengthens Cyient’s reach in the semiconductor industry.
This acquisition marks Cyient’s third major M&A transaction this month. Last week, the company agreed to acquire Abu Dhabi & Gulf Computer Est (ADGCE), a technology consulting and digital services company serving the energy sector in Abu Dhabi. On October 4, 2024, Cyient OLM Limited, a subsidiary of Cyient, confirmed an agreement through its fully-owned subsidiary Cyient OLM Inc. (USA) to acquire all shares of Altek Electronics Inc. (USA), an electronic manufacturing services provider, for $29.2 million (roughly ₹244 crore).
Krishna Bodanapu, Cyient’s executive vice chairman and managing director, said, “Driven by the Indian Government’s initiatives to boost domestic innovation in semiconductors, India is emerging as a hub for chip development, especially in power and energy-efficient systems. In July this year, we announced the strategic expansion of our Semiconductor business with the establishment of a fully owned subsidiary. Investing in Azimuth AI strengthens our focus on building cutting-edge ASIC chips designed and developed in India — for the world. It further enhances our capabilities in this critical space while reinforcing our commitment to next-gen power and energy solutions. We look forward to this partnership.”
Praveen Yasarapu, founder and CEO of Azimuth AI, said, “We are pleased to embark on this journey with Cyient. The synergies between our companies are clear, and we are eager to leverage Cyient’s deep expertise in ASIC design, coupled with their proven ability to deliver high-quality, innovative solutions across multiple industries. Together, we aim to deliver groundbreaking solutions that will push the boundaries of semiconductor technology for the global as well as Indian market.”
