Hitachi to acquire GlobalLogic for $9.6B
Hitachi, Ltd. has announced that it will acquire GlobalLogic Inc., a leading US-headquartered digital engineering services company, Report informs referring to the press release of the Japanese company.
The transaction is subject to customary conditions and regulatory approvals and expected to be completed by the end of July 2021.
Headquartered in Silicon Valley, GlobalLogic is a leading company in the fast-growing digital engineering services market. With over 20,000 professionals in 14 countries, GlobalLogic operates design studios and software product engineering centers around the world.
The company has a solid client base with over 400 clients comprised of market leaders and marquee brands spanning key industries such as communications, financial services, automotive, healthcare & life sciences, technology, media and entertainment, and manufacturing.
The total acquisition cost, including repayment of GlobalLogic’s interest-bearing debt, is expected to be $9.6 billion.
Hitachi, Ltd., headquartered in Tokyo, Japan, is focused on its Social Innovation Business that combines information technology (IT), operational technology (OT) and products.
The company’s consolidated revenues for fiscal year 2019 (ended March 31, 2020) totaled 80.4 billion, and it employed approximately 301,000 people worldwide.