Tech Mahindra has secured a significant acquisition, purchasing Alluri Technologies Inc, a Canada-based company, for CAD 58.64 million, approximately Rs 406.96 crores.
According to a BSE filing, the acquisition is expected to strengthen the company’s service capabilities and deepen its industry expertise within the BFSI sector. The acquisition was made through Tech Mahindra Consulting Group Inc, a wholly-owned step-down subsidiary of the company.
The project involves the acquisition of Avant, a company with over 240 employees and contractors, specializing in payments modernization and wealth platforms for North American banks.
As part of the agreement, Avant will become a subsidiary of Tech Mahindra Consulting Group Inc and a step-down subsidiary of Tech Mahindra. The acquisition is not a related party transaction, and the promoter/promoter group/group companies do not have any interest in the acquired entity.
The contract was awarded through a share purchase agreement, with the transaction expected to be completed in one or more tranches.
The acquisition adds to Tech Mahindra’s growing portfolio of companies, strengthening its position in the IT services sector. The company’s net worth and turnover are expected to increase with the acquisition of Avant.
The order adds to Tech Mahindra’s pipeline, reinforcing its position as a leading player in the IT services sector.
With this acquisition, Tech Mahindra is expected to further strengthen its service capabilities and deepen its industry expertise within the BFSI sector. This acquisition is a significant step for Tech Mahindra, demonstrating its commitment to expanding its services and capabilities.
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