Allygrow Technologies, a technology-driven company, has acquired Munich, Germany–based AE Automotive Elements GmbH, a high end product development firm, and the engineering services arm of Michigan, USA–headquartered Ranal, a provider of specialized manufacturing engineering services.
The acquisitions are in alignment with the company’s aggressive growth strategy to become a pure play Engineering Research and Development Services (ERDS) provider with end-to-end capabilities and significant global footprint.
Prashant Kamat, Founder & CEO, Allygrow Technologies, said, “The investments in the two companies will help us build upon the complementary strengths of each entity and create a comprehensive service portfolio spanning across concept engineering to manufacturing support for customers globally.”
“Furthermore, in terms of top line, these acquisitions have enabled Allygrow to reach around the USD 15 million mark in less than 6 months, manifesting the fast-track growth we are committed to. Our aim is to reach USD 100 million in revenue over the next 4 to 5 years, and gain impetus in areas such as aerospace, medical technology and embedded space,” he added.
Allygrow has further identified additional targets (between $ 25 to $ 30 million size) in the chosen verticals and discussions are in advance stages for the same. It has also initiated discussion for funding of the same.
Neeraj Bhargava, Senior MD & CEO, Zodius, said, “Prashant and the Allygrow team are off and running with two high quality acquisitions and their sales momentum is fantastic. We are highly excited investors and we look forward to rapid growth and the Allygrow team building a truly world class global company.”
The acquisition of Ranal will build Allygrow’s competency in manufacturing engineering space. Through its delivery centres in US (Detroit) and India (Bangalore & Pune), it will benefit Allygrow with multi-location delivery setup, access to local talent, and ready customer-base in Americas, Europe and Asia. Ranal brings expertise of working with OEMs and Tier 1s such as General Motors, Caterpillar, KUKA, Valiant, among others.