Pune’s Allygrow Technologies, a technology-driven company focused on core engineering design, development and manufacturing engineering services for the automotive, hi-tech, medical devices and heavy industries, has announced two acquisitions.
It has acquired the engineering arm of Michigan-based Ranal and Munich-based AE Automotive Elements GmbH.
Ranal will complement Allygrow’s design engineering and product development expertise with its high-end competency in manufacturing engineering services to provide a comprehensive portfolio of solutions to customers.
Through its delivery centres in Detroit and India Bangalore, Ranal will benefit Allygrow with multi-location delivery setup, access to local talent, and ready customer base in America, Europe and Asia. Ranal brings expertise of working with OEMs and Tier 1s such as General Motors, Caterpillar, KUKA, Valiant, among others.
AE Automotive Elements brings expertise in core product design in the auto domain, especially in interior & exterior systems and vehicle body-in-white (BIW) development.
The acquisition will complement Allygrow’s expertise in R&D and manufacturing engineering to provide a comprehensive portfolio of services to customers in Germany, Austria and other markets. AE Automotive Elements’ marquee clients include original equipment manufacturers (OEMs) and Tier 1s such as BMW Group, Daimler, Magna, and Yanfeng Visteon amongst others.
Prashant Kamat, Founder & CEO, Allygrow Technologies, said: “With the acquisitions, Allygrow has touched a top line of around US$15 million in less than 6 months of inception, manifesting the fast-track growth we have embarked on. We aim to reach US$100 million in revenue over the next 4 to 5 years, and gain impetus in areas such as aerospace, medical technology and embedded space.”
“We have identified additional targets (between US$25 to US$30 million size) in the chosen verticals and discussions are in advance stages for the same. We have also initiated discussion for funding of the same,” Kamat added.
Kamat continues: “The investment in AE Automotive Elements will help us foray into Europe and bolster our product development skillsets in the auto domain. Furthermore, with these acquisitions, Allygrow aims to gain impetus in areas such as aerospace, medical technology and embedded space.” fii-news.com
