November 21 (SeeNews) - U.S.-based digital services company GlobalLogic, part of Japan's Hitachi Group, said on Monday that it has signed a definitive agreement to acquire Romanian software engineering services company Fortech.
GlobalLogic’s investment in Fortech is part of a multi-year strategy designed to establish a wider European footprint while enabling it to better serve its customers worldwide from a delivery perspective, the buyer said in a press release.
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This acquisition will further enable GlobalLogic to augment Hitachi's strengths in information technology, operating technology and products, and accelerate its growth helping expand the Lumada business, focused on advanced digital solutions, services and technologies.
The terms of the transaction were not disclosed.
Under the agreement, Fortech will continue to operate with its existing leadership and staff as a wholly owned subsidiary of GlobalLogic.
The transaction is subject to customary regulatory approval and is expected to close by the end of 2022.
"This acquisition will further enhance GlobalLogic’s presence in Europe, and accelerate our access to the rich technical talent in Romania; it will arm Fortech with the resources and strong backing of GlobalLogic and Hitachi," Global LogicPresident and CEO Nitesh Banga said.
Founded in 2003, Fortech is headquartered in Cluj-Napoca and employs over 1,100 in engineering hubs in Oradea, Iasi, and Brasov. The company delivers full-spectrum digital engineering services including architecture design, software development, DevOps, quality qssurance, and data analytics.
Headquartered in Silicon Valley, U.S., GlobalLogic operates design studios and engineering centers around the world. GlobalLogic is part of Japanese multinational conglomerate Hitachi.