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IT services firm Cyient Ltd has signed a definitive agreement with Norway’s Blom ASA to acquire a 100 per cent stake in Blom Aerofilms, a UK-based digital mapping and ground survey provider.
The company, however, has not indicated the size of the deal, which is expected to be executed in a month.
Blom had about 40 employees and a revenue base of about £6 million in the last calendar year.
“We believe that by combining Blom Aerofilms with Cyient’s geospatial business, Cyient will be well positioned as a complete service provider covering acquisition, modelling and processing services. We will use the synergies in smart cities, utilities and transportation,” said John Renard, Cyient’s President (Europe, Middle-East and Africa) and Business Unit Head for Utilities & geospatial.
Cyient posted revenues of ₹913 crore in the second quarter ending September 30, 2016.
It had a cash pile of ₹806 crore at the end of the second quarter, up from ₹652.3 crore in the comparable quarter of the previous year.
The company indicated that it would use part of the funds to acquire small firms.
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