KPIT Technologies acquires cloud-based vehicle diagnostics specialist SOMIT Solutions; stock tumbles ~5%

25 May 2022 , 12:19 PM

KPIT Technologies Ltd. has acquired cloud-based vehicle diagnostics specialist SOMIT solutions. SOMIT facilitates after-sales operations of high-tech luxury and new-age OEMs through its cloud-based vehicle diagnostics platform & expert consulting services.

SOMIT’s cloud-based platform brings in an intelligent and intuitive diagnostics solution that will intensify a service technician’s user experience and refine service quality by increasing the ratio of first-time-right repairs.

Mr. Kishor Patil, Co-founder, CEO, and MD, KPIT Technologies, commented, ” We are thrilled to welcome SOMIT Solutions to the KPIT family. SOMIT has set foot in the challenger EV OEM segment. Their cloud-based platform fits well with KPITs existing after-sales platform to offer a more integrated solution for the benefit of our T25 clients.

He further added, “KPITs strategic T25 clients will benefit tremendously. Generating revenue through the lifecycle of a vehicle is a key priority for OEMs. SOMIT and KPIT will facilitate their OEM clients in achieving this strategic objective. This will be one of the rapidly-growing market opportunities in the next 3-5 years.”

KPIT Technologies is currently trading at Rs459.90 down by Rs26.75 or 5.50% from its previous closing of Rs486.65 on the BSE. The scrip opened at Rs489 and has touched a high and low of Rs497.20 and Rs459.30 respectively.