IT firm Axiscades Technologies announced on Friday that it completed the acquisition of Mistral Solutions. The acquisition, initiated in the year 2017, was executed over four phases at an aggregate acquisition cost of Rs 296 crore.
The statement shared with exchanges by the IT firm said Mistral Solutions is one of the leading players in semiconductor, embedded electronics, defence and product engineering capabilities.
With the completion of this acquisition, Axiscades said it strengthened its position as a technology leader, providing the latest product design and development services to its customers for a wide range of applications.
David Bradley, Chairman of Axiscades Technologies, said, "We are delighted with the completion of Mistral acquisition, which is one of the industry leaders, with exceptional competencies in the semiconductor industry... This partnership will enable us to build upon a complementary portfolio of offerings and allow us to scale up our operations, while delivering innovative solutions to our customers."
Axiscades said the acquisition would bolster the company's ability in the digital engineering, embedded electronics and systems engineering domains, enabling it to make an even bigger impact and add value to collective clients across industries and geographies.
Arun Krishnamurthi, Chief Executive Officer and Managing Director, Axiscades Technologies, said, "Our vision aligns with the government's initiatives of Make-In-India and Atmanirbhar Bharat that boost technology-driven infrastructure and defence indigenisation in the country. Axiscades, is already a preferred partner for the defence industry..."
( With inputs from ANI )
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