AXISCADES, India's leading Product Engineering Solutions Company, today announced the acquisition of Mistral, a Bengaluru-based specialized embedded technology company. The acquisition to be completed in a phased manner will add significantly to AXISCADES' embedded practice and Make-in-India opportunities.
Mistral was cofounded by Anees Ahmed and Rajeev Ramachandra in 1997 as a niche technology company clocking Rs 1.32 billion in revenue last year. It employs 300 people, across India and the U.S. Mistral specializes in end to end embedded solutions & product engineering catering to Aerospace, Defence, Industrial, Consumer, Wearable, Medical and Semiconductor verticals.
Leveraging partnerships with leading global chip makers, Mistral has designed over 100 commercially deployed products across verticals. The company has also over 40 Design Wins in various Indian Defence Programs used extensively by Defence organizations like BEL, DRDO Labs and state police departments.
The current founders and management team will continue to run the operations.
Sudhakar Gande, Vice Chairman, AXISCADES said, ''Our objective is to create significant value for our shareholders and acquisitions are an important aspect of our growth strategy. This acquisition of Mistral helps us to be a significant player in the Defence Offset and digital technologies. The synergy between AXISCADES and Mistral offers both the parties, impetus to create IP’s, broadening service offerings leading to substantial business growth. This acquisition is EPS accretive.''
Shares of the company gained Rs 7.3, or 5.71%, to trade at Rs 135.05. The total volume of shares traded was 54,331 at the BSE (10.09 a.m., Tuesday).