International law firm Osborne Clarke has advised KPIT Technologies Ltd, a global partner to the automotive and mobility ecosystem for making software-defined vehicles a reality, on the acquisition of cloud-based vehicle diagnostics specialist SOMIT solutions.
The Osborne Clarke team was led by corporate partner and head of the international transport & automotive sector, Simon Spooner, alongside corporate senior associate James Archer, with Mat Oliver and Kirsty Poulton providing tax advice.
KPIT works on developing cutting edge technology with global leaders in automotive and mobility. KPIT has grown consistently for last 2 decades and has deployed organic and inorganic strategies for the same. Over the last 2 decades KPIT has also done multiple M&A led partnerships with strong organisations in Europe, USA, India. KPIT is a listed entity in stock exchanges in India and due diligence and strategy for such M&A transactions are of key importance.
Osborne Clarke advised KPIT in acquisition of SOMIT solutions. SOMIT enables after-sales operations of high tech luxury and new age OEMs through a cloud-based vehicle diagnostics platform & expert consulting services. Vehicle complexity is outgrowing existing servicing capabilities due to rapidly evolving software-centric architectures, high-tech automotive engineering, and an acute shortage of trained and certified service technicians across the globe. SOMIT’s cloud-based platform features an intelligent and intuitive diagnostics solution that will enhance a service technician’s user experience and improve service quality by increasing the ratio of first-time-right repairs.
"We're thrilled to have supported KPIT Technologies on this strategic acquisition in the UK. Not only is this transaction at the cutting edge of automotive developments and the application of automotive technology and innovation to intelligent transport systems, but it demonstrates the importance of software and data as the automotive and e-mobility sector continues to evolve at a rapid pace."
Evolving and disruptive technologies are changing how businesses operate, compete, and evolve, creating extraordinary, transformative opportunities. Osborne Clarke has been at the forefront of advising on ground-breaking transformations in the transport & automotive sector. The firm has worked closely with clients as they address issues around mobility, electrification, shared, connected and autonomous vehicles.