Hyderabad-based IT and engineering services company Cyient India Limited announced that it would acquire UK-based ground surveying and digital mapping solutions provider Blom Aerofilms Limited. It has signed a definitive agreement with Blom AS, Norway for the acquisition of its UK-based subsidiary.
- Blom employs a core group of 40 people and had the calender year 2015 revenue of 6 million pounds. The transaction is EPS accretive and expected to complete over next 30 days.
- According to Cyient President John Renard, this acquisition will complete the company’s existing skills and capabilities in software and data processing around geospatial technology.
- Blom’s presence in the UK can be traced back to 1919 when Aerofilms was founded as the UK’s first ever commercial aerial photography company.
- Over the subsequent decades, the company has gathered rich experience and track record around all types of geospatial data acquisition and services, including aerial and ground-based LIDAR and data modeling.
- Hyderabad-based Cyient provides engineering services to companies in aerospace, consumer, energy, medical, oil and gas, mining, heavy equipment, semi-conductor, rail transportation, and utilities and communications sectors.
- The acquisition positions Cyient to expand into geospatial services, where it is already present.
- Shares of Cyient rose 0.11% and were trading at Rs.465.75 on the BSE at 10.35am, while the benchmark Sensex gained 0.92% to 27,525.21 points.