Hitachi Ltd. HTHIY announced its decision to acquire software company GlobalLogic Inc. The deal, which is expected to be completed by July-end, is valued at $9.6 billion including debt repayment.The company expects to fund the transaction with the help of cash and bank loans.It is worth noting here that Hitachi’s shares lost 5.6% yesterday to eventually close the trading session at $92.45.Inside the HeadlinesBased in San Jose, CA, GlobalLogic is a leading provider of software engineering services in several industries like healthcare, automotive and finance. The company, which has operational presence across 14 countries, provides services to 400 clients.The addition of GlobalLogic’s expertise in software product development services will enable Hitachi to expand its digital services business.Other Buyout ActivitiesIt’s worth noting here that the buyout is in sync with Hitachi's current business portfolio restructuring program. Also, in July 2020, the company acquired the Power Grids business of ABB Ltd ABB, which is likely to help it in expanding into the power grid industry. Notably, in the first nine months of fiscal 2021 (ended December 2020), the company’s net cash used in investing activities totaled $7,366 million.Zacks Rank, Price Performance and Earnings TrendThe company, with $44.8-BILLION market capitalization, currently carries a Zacks Rank #3 (Hold). It is likely to benefit from solid product offerings, acquired assets and planned investments.Hitachi’s shares have gained 16.4% compared with 7.4% growth recorded by the industry in the past three months.The Zacks Consensus Estimate for its fourth-quarter fiscal 2021 (ended March 2021, results are awaited) earnings has declined 1.7% to 57 cents in the past 60 days. However, estimates for fiscal 2022 (ending March 2022) have increased 12.5% to $7.63 during the same period.Key PicksA couple of better-ranked stocks from the same space are Crane Co. CR and Griffon Corporation GFF, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Crane delivered a positive earnings surprise of 12.37%, on average, in the trailing four quarters.Griffon delivered a positive earnings surprise of 115.48%, on average, in the trailing four quarters.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ABB Ltd (ABB): Free Stock Analysis Report Crane Co. (CR): Free Stock Analysis Report Hitachi Ltd. (HTHIY): Get Free Report Griffon Corporation (GFF): Free Stock Analysis Report To read this article on Zacks.com click here.