KPIT Cummins acquires Houston-based PANEX

By siliconindia   |   Wednesday, 27 August 2003, 07:00 Hrs
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MUMBAI: KPIT Cummins Infosystems Ltd., has acquired PANEX Consulting, a Houston based SAP consulting firm, for US $ 1.70 million. The acquisition is proposed to be 100% of PANEX stock through a mix of cash and stock options payable over a period of three years.

Ravi Pandit, chairman and group CEO, KPIT Cummins commenting on the development said, "The merger of PANEX into KPIT Cummins is a strategic move to help us achieve our mission of becoming a US $ 100 million company by the year 2006-07, focusing on the manufacturing and banking & finance sectors. The current range of services did not include SAP, which is an important offering for our target verticals. Now we also have access to some key client relationships."

As per the deal, of the total valuation of US $ 1.70 million, US $ 0.30 million is payable in cash and the balance US $ 1.40 million worth is through equity shares of KPIT Cummins. The deal envisages an upfront payment of US $ 0.558 million, including US $ 0.1 million in cash and US $ 0.458 million in equity shares of KPIT Cummins. The remaining payment is over a 3- year time frame and is related to performance and continuity.

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