Leading technology services firms Axis IT&T and Axis Aerospace Technologies (AAT) have joined hands with Cades aerospace product design and engineering services firm to expand their operations under a unified brand "AxisCades".
"We will jointly invest $50 million (Rs.300 crore) over the next three years in capacity building, expand technology offerings and provide integrated product development in the commoditised engineering solutions market," Axis vice-chairman Sudhakar Gande said in a statement here Wednesday.
The partners will hire about 1,000 engineers this fiscal (2014-15) across the country to meet its growing human capital requirements.
"We will also pursue inorganic growth opportunities to expand our service offerings and create job opportunities in the country," Gande said.
As a premier aerospace firm, AAT offers solutions for aerospace and defence, life cycle solutions and manufacturing support, including obsolescence handling and system integration, while Axis IT&T delivers design-based solutions to global engineering majors, with development centres in Asia, Europe and North America.
The city-based Cades provides product design, engineering and R&D services to aerospace, automotive and transportation sectors.
"Our unified brand will be a differentiator in the market place as a premium provider of cutting edge technology solutions across domains and at every stage of product life-cycle development," Gande noted.
As separate entities, AAT, Axis IT&T and Cades provide engineering and strategic technology solutions to heavy engineering, aerospace, defence and automotive sectors worldwide.
"Our combined revenues have grown to $85 million in 2013-14 fiscal from $4 million in 2007-2008, with a cumulative average growth rate of 66 percent," Gande claimed.
In terms of human capital, the combined strength has jumped to 1,600 people from just 50 six years ago at 12 development centres worldwide.
The joint entity plans to take its offshore development centre model to set up innovation labs for engineering services in technologies like composite, manufacturing engineering and interiors.
"The new brand represents transformative change and the synergy across businesses will fuel faster growth, making us the preferred choice partner to our global customers," AxisCades chief executive Valmeekanathan said in the statement.
With over three decades of experience in engineering sectors, Valmeekanathan led large transformative growth in companies like Infosys and multinationals.