The acquisition is expected to bolster Tech Mahindra’s digital solutions and services in automotive consulting, design, and development
IT company Tech Mahindra will acquire 100 per cent stake in Mumbai-based enterprise application company Thirdware for USD 42 million (about Rs 322 crore) in an all-cash deal, the company said on Saturday.
The acquisition is expected to bolster Tech Mahindra’s digital solutions and services in automotive consulting, design, development and implementation in areas like enterprise resource planning, industrial internet of things etc.
“Tech Mahindra will pay total consideration of up to USD 42 million including earnouts…Thirdware’s capability to provide end-to-end implementations and global rollouts of ERP solutions will give Tech Mahindra an edge in the manufacturing space,” Tech Mahindra said in a regulatory filing.
Thirdware Solutions has over 850 employees. It closed the financial year 2020-21 with a revenue of Rs 210.6 crore and recorded a turnover of Rs 226.5 crore in the first 10 months of the current fiscal year.
Tech Mahindra expects to complete the acquisition by May this year.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
First Published: Sat, March 12 2022. 20:33 IST