IT Firm Cyient To Acquire WorkForce Delta For $2.7 Million
- ByStartupStory | July 28, 2021
IT firm Cyient to acquire WorkForce Delta, a consulting firm in mobile workforce management, at an enterprise value of USD 2.7 million along with earnouts based on future performance. Cyient said in a regulatory filing, the acquisition will strengthen the IntelliCyient portfolio by expanding its front-end consulting capabilities for digital mobile workforce management solutions. WorkForce Delta will be acquired by Cyient Australia Pty Limited, a wholly owned subsidiary of the company, it added. ‘The enterprise value shall be payable as – upfront USD 2.7 million on a cash-free and debt-free basis, and earnouts based on future performance,’ the filing said. The acquisition is projected to be completed within a week, subject to some condition’s precedent to completion.
‘There has been a growing demand for comprehensive field force management solutions in the utilities and telecom industries. With rapid sectoral growth across regions, Cyient continues to invest in expanding its market presence while creating sustainable value for all stakeholders,’ it added. With this acquisition, Cyient will be taking full ownership of WorkForce Delta, the filing states. The partnership will help Cyient to offer complete lifecycle solutions from process consulting to solution implementation to analytics and managed support services. Cyient has also built strategic partnerships with multiple industry-leading Mobile Workforce Management platforms.
‘Workforce Delta’s growing footprint is a testament to their expertise and the growing market need for streamlined mobile workforce management processes,’ Cyient MD and CEO Krishna Bodanapu said. He added that by leveraging Workforce Delta’s team of consultants, Cyient aims to become an industry leader in this area across sectors. ‘This acquisition is also in line with our strategic path forward on enabling digital transformation success via our IntelliCyient framework for our customers,’ he further said. WorkForce Delta, formed in 2015, has a team of about 11 consultants and had registered revenue of USD 2.9 million in FY21. Its expertise lies in demand forecasting, capacity planning, workforce rostering, field service scheduling, enterprise mobility and performance analytics. WorkForce Delta co-founder and Managing Director Yuri Margoulis said, “Cyient’s extensive range of solutions and offerings are highly complementary to our mobile workforce management expertise and we look forward to leveraging both organisations’ capabilities to deliver more innovation, value-add, and business outcomes to our customers around the world.”
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