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Under the deal, IG Partners will come under Cyient ownership
India-based global engineering and digital technology solutions company Cyient has made a proposal to acquire Australian consulting firm IG Partners, according to an announcement by the company today.
Terms of the acquisition were not disclosed and are pending regulatory approvals. Further, under the transfer of ownership, all key management staff will be retained in the business, the statement said.
The acquisition is aimed at enabling Cyient to beef up its digital capabilities in energy and mining.
Specifically, the acquisition will help Cyient grow its end-to-end offerings for both local and regional sectors, the statement said. This includes enterprise asset management solutions, exploration data solutions (called Mining 4.0), and automation and analytics solutions for operational efficiency.
The company also said that the deal will add value to the company’s offerings by bringing together Cyient’s success in operational efficiency, asset optimization, and digital transformation, and IG Partners’ progress in asset and capital-intensive industries.
The acquisition will help customers leverage “the growing convergence between operational and information technologies,” the company said in the statement.
IG Partners is a management consultancy founded in 2012. The company focuses on sizable asset and capital-intensive companies in energy, public affairs and manufacturing. IG Partners provides end-to-end services in the business value chain through its scalable IP and methodology, the statement said.
IG Partners’ customer base includes large mining companies including several Fortune 500 companies.
“Our team welcomes the firm’s proposed acquisition by Cyient as a transformative moment for both businesses,” Founder and Managing Partner, IG Partners, Herman Kleynhans said in the statement.
“In joining Cyient, we see tremendous synergies in supporting our customers’ benefit from Industry 4.0,” he added. “The combination of Cyient’s leading engineering and technology solutions and IG Partner’s mining and utilities expertise uniquely positions us to support value and productivity breakthroughs leveraging digital technologies.”
The statement noted that Cyient has an expanding presence in Australian market, and its solutions span industries such as mining, oil and gas, rail transportation, telecommunications, and utilities.
Cyient MD and CEO Krishna Bodanapu noted that mining was a priority industry for the company, and that Australia represented a “strategic region” for the company’s growth.
“[The] mining industry is getting transformed with convergence of digital technologies. With this investment, the powerful synergy of Cyient’s digital execution capabilities and [IG Partners’] advisory expertise creates a unique value proposition for the industry,” Bodanapu said in the statement.
“This acquisition also adds to our footprint in Australia, which is an important region for our future growth,” he added.
Mining is one of the biggest industries in Australia, and adds AU$187 billion (US$137.55 billion) gross value to its economy in 2019. It is also the country’s oldest export industry and its most modern one, according to CEO of the Minerals Council of Australia, Tania Constable.
Overall, exports from Australia’s resources sector generated AU$221 billion (US$162.56 billion) as of 2018, comprising over 55% of the country’s total exports.