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KPIT Technologies announced the signing of a definitive agreement to acquire a controlling stake in PathPartner Technology. PathPartner is a specialist design service and solution provider of operating system software and low-level software for Automotive, Camera, Radar, and
Multimedia devices. The deal is subject to customary closing conditions and is expected to get closed in Q2 FY 2021-22.
KPIT will initially purchase 60 percent stake for a consideration of Rs 89 crore, and the balance stake is proposed to be acquired over a period of 2 years against defined growth targets. The total consideration for 100 percent stake will not exceed Rs 191 crore.
PathPartner is a product engineering and R&D specialist company helping its clients to develop, productize, and maintain advanced technology products. With extensive expertise in embedded operating systems, low-level processor architectures, hardware-accelerated computer vision, deep learning, radar, imaging technologies, and multimedia, PathPartner provides next-gen technology solutions to customers in automotive, intelligent edge devices and digital media products.
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