Ascendion Acquires Pune-Based Nitor Infotech, Aims To Strengthen GenAI Capabilities
Ascendion, a US-based digital engineering services firm, has acquired Nitor Infotech, a prominent Pune-based company specialising in software product engineering and generative AI. The acquisition is expected to boost Ascendion's generative AI capabilities and enhance its presence in the Indian market.
According to Karthik Krishnamurthy, CEO at Ascendion, "Nitor is a premium asset that we paid a premium for and so it would absolutely accelerate our growth in the double digits." The acquisition of Nitor Infotech represents a strategic move by Ascendion to strengthen its position in the technology sector and expand its offerings.
The conversations around the acquisition reportedly began four to five months ago, as both companies saw a great opportunity to align their goals and expertise. Nitor Infotech's strong focus on generative AI resonated well with Ascendion's own investments in cutting-edge technologies.
Speaking with BW Businessworld, Krishnamurthy further explained, "What initially started off as a software product engineering sort of early conversation became even more intense as they rapidly developed their expertise around generative AI." As Nitor's capabilities in generative AI grew, so did Ascendion's excitement and interest in the acquisition.
The acquisition marks a significant milestone for Ascendion's growth strategy. With Nitor Infotech's dedicated technology centre of excellence for generative AI and a team of over 700 skilled professionals in product engineering, Ascendion is now poised to better serve HealthTech and FinTech verticals. Nitor will retain its brand after getting acquired by Ascendion.
"We are delighted to become an Ascendion company. Ascendion is a modern software engineering leader with a strong culture and values that align perfectly to what we’ve built in Nitor Infotech. Joining Ascendion will add to our capabilities to serve clients with an expanded value proposition. Together we have the opportunity to lead the product engineering world through the power of GenAI enabled technology," said Sanjeev Fadnavis, CEO at Nitor Infotech.
Phenomenal Growth In 2023
Last year, Ascendion had revealed plans of doubling its headcount in India to 2,000 employees in 2023. However, the company has already exceeded this goal by hiring 1,500 employees, said Krishnamurthy. Additionally, the company believes it can further hire an additional 400-500 employees this year.
Despite the current recessionary environment, Krishnamurthy expressed confidence in Ascendion's prospects. He said, "The current climate has actually helped Ascendion." He revealed that the company's pipeline for 2023 is the largest in its history, with over 75 per cent of it being large multi-year deals, positioning Ascendion as a disruptor in the market.
