Tech Mahindra to Acquire US-Based IT Consulting Services Provider for $ 125 Million
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.
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