Techwave buys Hyderabad-based Cyient's IT services arm

Techwave Consulting, a US-based systems integrator with focus on Internet of Things, social media, mobility, analytics and cloud, has agreed to acquire Hyderabad-based Cyient's IT services subsidiary Infotech Enterprises IT Services for an undisclosed amount.Infotech Enterprises provides services in ERP, open source technologies and Remote Infrastructure management; and operates in Europe and APAC region.[caption id="attachment_2011611" align="alignleft" width="380"] Representative Image[/caption]The deal helps Techwave to foray into Europe, APAC markets. This will also enable Cyient to focus on its core engineering services and Data, Network and Operations business."The deal is part of the growth plan vision 2016 chalked out by the company," informed Damodar Rao Gummadapu, CEO Techwave."Techwave has a vision and roadmap for significant growth plans through expanding its global client base and strategic acquisitions to achieve a $100 million revenue target by the year 2016.  Currently we are a $50 million company."The company said it will soon expand to Africa, Europe, Singapore, APAC region and other countries.  "We look forward to continue on our growth path by investing heavily in ISMAC (IoT, Social Media, Mobile, Analytics and Cloud) and digital solutions.""Our goal is to increase employee base in Hyderabad to 1000 and globally 1500. This we would like to achieve by the end of December 2016," added Gummadapu.