HCLTech has signed a definitive agreement to acquire ASAP, a German provider of automotive engineering services, for an enterprise valuation of €251.1 million or roughly $279.83 million. Pending regulatory approvals, the transaction is set to close in September 2023.
ASAP, based in Ingolstadt, Germany, operates in the field of future-focused automotive technologies. The company works on areas such as autonomous driving, e-mobility and connectivity. ASAP’s clientele includes automotive original equipment manufacturers (OEM) and tier 1 suppliers in Germany.
ASAP operates across nine locations in Germany and has over 1,600 employees.
[Image courtesy: ASAP]