Home / Financial News / Harman acquires Romesh Wadhwani group’s Symphony Teleca for $780mn

Harman acquires Romesh Wadhwani group’s Symphony Teleca for $780mn

Connecticut-based audio and infotainment major, Harman will acquire Bangalore-based Symphony Teleca for $ 780 million. 

Symphony Teleca, with a revenue of around $ 400 million, is part of Romesh Wadhwani’s Symphony Technology Group.

Approximately $ 548 million will be paid at close – $ 382 million in cash and $ 166 million in Harman stock, according to statement on Symphony Teleca’s website.

Symphony Teleca provides software engineering and integration services that help businesses rapidly design and develop products and technologies at the convergence of device, sensors, cloud and data. With the acquisition of Symphony Teleca, Harman will add a fourth division to its three primary businesses: Infotainment, Lifestyle and Professional.

The transaction is subject to customary closing conditions and regulatory approvals and is expected to be completed by the end of Harman’s 2015 fiscal year.

Symphony Teleca has more than 8,000 employees, predominantly software engineers and designers, and has presence in Bangalore, Pune, chennai among other cities.

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