Indian Engineering Services Firm Allygrow Technologies Acquires Munich-based AE Automotive Elements

MUNICH & PUNE, India--(BUSINESS WIRE)-- Allygrow Technologies, a technology-driven company focused on core engineering design, development and manufacturing engineering services for the automotive, aerospace, hi-tech, medical devices and heavy industries, announced today the acquisition of Munich, Germany-based AE Automotive Elements GmbH, a high-end product engineering firm. This aligns with the company’s aggressive growth strategy to become a leading pure play Engineering Research and Development Services (ERDS) provider with end-to-end capabilities and significant global footprint.

AE Automotive Elements brings expertise in core product design in the auto domain, especially in interior & exterior systems and vehicle body-in-white (BIW) development. The acquisition will complement Allygrow’s expertise in R&D and manufacturing engineering to provide a comprehensive portfolio of services to customers in Germany, Austria and other markets. AE Automotive Elements’ marquee clients include original equipment manufacturers (OEMs) and Tier 1s such as BMW Group, Daimler, Magna, and Yanfeng Visteon amongst others.

Allygrow also recently acquired the engineering services arm of US-based Ranal to build competency in manufacturing engineering, gain scale and market access.

Prashant Kamat, Founder & CEO, Allygrow Technologies, said: “The investment in AE Automotive Elements will help us foray into Europe and bolster our product development skillsets in the auto domain. Furthermore, with these acquisitions, Allygrow has touched a top line of around USD 15 million in less than 6 months of inception, manifesting the fast-track growth we have embarked on. We aim 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.”

Manfred Weissensteiner, CEO, AE Automotive Elements, would continue to hold leadership position after the acquisition, and will serve as the Chief Operating Officer of Allygrow. He said, “Allygrow, which has a global presence and diversified service capabilities, opens a wide range of new opportunities to support our customers globally. We are excited to be a part of this journey.”

About Allygrow Technologies

Allygrow Technologies was founded in August 2015 by a team of creative and highly passionate technocrats. It envisions establishing a strong engineering services ecosystem that fosters the right blend of high-end competencies and global delivery excellence to help customers transform ideas into world-class products and solutions.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160203005784/en/

Allygrow Technologies
Vishal Pawar
[email protected]

Source: Allygrow Technologies

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