Product engineering solutions company AXISCADES today announced the acquisition of Mistral, a city-based specialized embedded technology company for Rs 175 crore.
The acquisition to be completed in a phased mannerwill add significantly to AXISCADES' embedded practice and Make-in-India opportunities, the company said in a release.
Mistral was co-founded by Anees Ahmed and Rajeev Ramachandra in 1997 as a niche technology company clocking Rs 132 crore in revenue last year.
It employs 300 people acrossIndia and the U.S.
Mistral specializes in end to end embedded solutions and product engineering catering to Aerospace,Defence,Industrial Consumer, Wearable, Medical and Semiconductorverticals.
The current founders and management team will continue to run the operations, the release added.
"This acquisition of Mistral helps us to be a significant player in the Defence Offset and digital technologies.
The synergy between AXISCADES and Mistral offersboth the parties, impetus to create IP's, broadening serviceofferings leading to substantial business growth," AXISCADESVice Chairman Sudhakar Gande said.
Mistrals capabilities will strengthen AXISCADES embedded practice and accelerate the adoption of digital technologies, like AI and IoT, the company said adding that this acquisition enhances AXISCADES offerings to OEMs, Defence customers and expands its client base.
"Being part of an established entity like AXISCADES, gives us the capability to address large business opportunities in India and with global OEM's and take advantage of the government's Make-in-India initiative," Mistral Co-Founder and President Anees Ahmed said.
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