Ascendion, a U.S.-based software engineering company, announces the acquisition of Nitor Infotech, a software product engineering firm with Generative AI expertise. Nitor Infotech brings more than 700 employees to Ascendion with deep expertise in software product engineering and generative AI. To elaborate on this, Karthik Krishnamurthy, CEO, Ascendion, sat for an exclusive chat with ET Edge Insights.
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We hear stories of companies laying off employees and being forced into bankruptcy. Conversely, we hear an acquisition story that ignites hope. Can you please elaborate on this?
As a forward-thinking tech company, we recognize the importance of agility and innovation in this rapidly evolving world. The sphere of technology and engineering is evolving rapidly, and generative AI is at the forefront of this transformation. The shift towards generative AI and digital transformation initiatives across industries has prompted many companies to reinforce their commitment to innovation. We remain dedicated to supporting our clients in their digital transformation journeys, offering them the tools and solutions to unlock new ways of serving their customers, enhancing user experiences, and driving operational efficiencies.
This acquisition positions us well to harness the immense opportunities offered in this era. Our prospects for 2023 are exceptionally promising, driven by substantial, multi-year business agreements.
What is your perspective regarding India?
India is a talent base for Ascendion. The emergence of generative AI along with a substantial demand for enhanced digital products is creating a demand for skilled professionals in product engineering, AI/ML, and DevOps, among others. India has experienced a noteworthy surge in tech talent recently, solidifying its position as a critical talent base for our company, owing to its abundance of highly skilled software engineers and technology experts. We are intentionally seeking to recruit talent from tier 2 and tier 3 cities, offering necessary training to engineers as required and leveraging a diverse array of skills and perspectives. Having hired more than 1500 employees already in 2023, we aim to hire at least 400-500 more employees by the end of the year.
How is this acquisition helping at this juncture and will there be any restructuring? Additionally, do you have any other plans?
Ascendion’s acquisition of Nitor Infotech is a critical component of our growth strategy, geared towards enhancing our expertise and expanding our service portfolio for clients. The company we acquired specializes in software product engineering, and generative AI – a technology that perfectly aligns with our focus on real-world AI solutions and software. By integrating Nitor Infotech into our organization, we welcome nearly 700 highly skilled employees who are proficient in software product engineering, generative AI, and cutting-edge AI models like deep learning, prompt engineering, reinforcement learning, and probabilistic programming.
