KPIT Cummins acquires SolvCentral

MUMBAI: IT consulting firm KPIT Cummins Infosystems Ltd will acquire a substantial majority stake in SolvCentral.com Inc. for $2 million.

The company today said it has entered into a definitive agreement with SolvCentral in this regard.

KPIT Cummins said it will acquire the remaining equity stake over a three-year period at a price related to the quantity and quality of revenues of SolvCentral, a US-based Business Intelligence (BI) solutions provider.

Payment for the acquisition comprises a mix of cash and stock options.

KPIT Cummins expects this acquisition to strengthen its BI practice by creating a new Line of Business (LoB).

SolvCentral is expected to gross revenues of $3.5 million.