Tech Mahindra said it has approved the proposal to acquire 100% of the shares of Allyis India.
The company’s wholly-owned subsidiary, Tech Mahindra (Americas) Inc., has approved the proposal to acquire 100% of the shares of Green Investments LLC, a holding company of the Allyis group.
The acquired companies provide technology consulting and management services that help organizations reduce costs and improve performance. Their CY21 revenue, for the first 11 months from January 1, 2021 to November 30, 2021, is $ 45.7 million.
The acquisition will strengthen Tech Mahindra’s capabilities in digital experience solutions, learning and development, marketing, instructional design, engineering, cloud and automation, biology and analytics, technical support services.
Tech Mahindra will pay total consideration of up to $ 125 million, including employment and performance related earn-outs.
Tech Mahindra is focused on harnessing next-generation technologies including 5G, blockchain, cybersecurity, artificial intelligence, and more to enable end-to-end digital transformation for global customers.
The IT company posted a 25.8% increase in consolidated net profit to Rs 1,338.70 crore on a 16.1% increase in net sales to Rs 10,881.30 crore in Q2 FY22 compared to Q2 FY21.
The script lost 0.73% to currently trade at Rs 1,787.35 on BSE.
Powered by Capital Market – Live News
(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear reader,
Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting-edge commentary on relevant current issues.
However, we have a demand.
As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital editor
