KPIT Tech to acquire 25% stake in Germany-based Future Mobility; remaining by FY24

Auto industry-focused technology firm KPIT Technologies on Wednesday said its board of directors has approved acquisition of 25 per cent stake in Germany-based Future Mobility Solutions GmbH (FMS), and the remaining stake over the next three years.   In an exchange filing, the company said it expects the acquisition of first tranche of 25 per cent stake in Future Mobility to be completed in September 2021, while 100 per cent acquisition is expected by the last quarter of financial year 2023-24.   "The total consideration for 100 per cent shareholding will not exceed 15.6 million euros," KPTI Technologies said.   Future Mobility is engaged in software and feature development in autonomous driving, ADAS and vehicle safety and integration and validation.   "FMS will add certain unique proprietary offerings in the autonomous driving domain. The partnership will improve KPIT access to one strategic client with new offerings and strengthen KPIT market presence in Germany," KPIT Technologies said.   Future Mobility had a turnover of 4.30 million euros in calendar year 2020, which is expected to increase to 5.4 million euros in 2021. The company has over 50 employees and is headquartered in Gaimersheim in Germany. It also has an office in Frankfurt in the country.