Allygrow Technologies announced the acquisition of Germany-based AE Automotive Elements GmbH, a high end product development firm, and the engineering services arm of US-headquartered Ranal, a leading provider of  specialized manufacturing engineering services.

The acquisitions are in alignment with the company's aggressive growth strategy to become a pure play Engineering Research and Development Services (ERDS) provider with end-to-end capabilities and significant global footprint.

Prashant Kamat, Founder & CEO, Allygrow Technologies, said: "The investments in the two companies will help us build upon the complementary strengths of each entity and create a comprehensive service portfolio spanning across concept engineering to manufacturing support for customers globally.

Furthermore, in terms of top line, these acquisitions have enabled Allygrow to reach around the USD 15 million mark in less than 6 months, manifesting the fast-track growth we are committed to. Our aim is 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."

"We have identified additional targets (between $ 25 to $ 30 million size) in the chosen verticals and discussions are in advance stages for the same. We have also initiated discussion for funding of the same", Prashant added.

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