German IT firm RIB Software picks up stake in Indian AI software provider Winjit Technologies
In a statement, RIB Software said that through this investment it acquires a 15-percent stake in Winjit and has the option to acquire a further controlling interest in Winjit through call options exercisable over the next four years.
German-cloud enterprise platform RIB Software has invested an undisclosed amount in Indian AI engineering platform Winjit Technologies.
In a statement, RIB Software said that through this investment it acquires a 15 percent stake in Winjit and has the option to acquire a further controlling interest in Winjit through call options exercisable over the next four years.
This partnership will help both these companies to accelerate digitalisation and automation of the AEC (Architecture, Engineering and Construction) industry, while bringing complementing technologies together. Boutique advisory firm Ruby Capital was the adviser to Winjit on the transaction.
Founded in 2004 by two technology entrepreneurs Abhijit Junagade and Ashwin Kandoi in Nashik, it has grown to a team of around 300 resources across its offices in Nashik, Pune, Bengaluru, Mumbai, US, South Africa, and Singapore.
Speaking about the transaction, Abhijit Junagade, CEO of Winjit, said,
“We are excited at Winjit to be a part of the RIB family. Our strategy and focus on IoT, artificial intelligence, and machine learning software applications aligns with RIB’s platform. We are looking forward to working closely with RIB teams worldwide. RIB’s commitment to Winjit proves the scalability of its business model. This partnership further strengthens Winjit to serve its customers and employees much better worldwide.”
While, Tom Wolf, CEO of RIB Group, added,
“IoT, AI, machine learning, and blockchain are the direction of future technologies for smart city and smart living. I am very happy to work with the two young and visionary entrepreneurs, Abhijit Junagade and Ashwin Kandoi, who shared the same vision with me to deliver the best infrastructure for the next generation. The investment in Winjit demonstrates RIB Group’s strong commitment to further strengthen our solution portfolio to advance the industry.”
RIB Software SE creates, develops and offers cutting-edge digital technologies for construction enterprises and projects across various industries worldwide.
The company is headquartered in Stuttgart, Germany, and Hong Kong, China, and listed on the prime standard Frankfurt Stock Exchange since 2011. In addition, it has an employee strength of over 1,200 talents, located in more than 30 locations worldwide.
(Edited by Evelyn Ratnakumar)
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.