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US-based IT company Ness Digital Engineering on Saturday announced the acquisition of German-headquartered corporate venture builder & product design studio MVP Factory.

MVP Factory provides an end-to-end service for digital venture and product building and has successfully pioneered the venture studio model with global clients such as DB Schenker.

It also allows clients to ideate, validate, launch and scale digital ventures using lean and agile methodologies, according to the company.

"MVP Factory's expertise in helping clients incubate and scale digital ventures and design software products further strengthens our strategy to be a specialist in digital engineering," Ranjit Tinaikar, Chief Executive Officer, Ness, said in a statement.

"We have been deeply impressed by MVP Factory's leadership and team in their distinctiveness and design-based approach to digital innovation," he added.

Moreover, the company said that MVP Factory's cross-functional team offers an entrepreneurial mindset helping identify new opportunities and business models in rapidly changing industries.

"Through our combined offering, Ness can further solidify its position as one of the few at-scale pure digital engineering players that seamlessly manages projects from new venture ideation and incubation to technical execution. The synergies will offer immediate value to our clients," Philipp Petrescu, MVP Factory’s Founder and CEO, said in a statement.

The transaction is expected to close at the end of June 2023, the company said.