Fis Logo

Tech Mahindra to acquire US-based IT consulting service provider for $125 mn – Business Standard

Capital Market

Tech Mahindra said that it has approved the proposal to acquire 100% equity shares in Allyis India.
The company’s wholly owned subsidiary viz., Tech Mahindra (Americas) Inc. has approved the proposal to acquire 100% equity shares in Green Investments LLC, holding company for Allyis Group.

The acquired companies offers technology consulting and managed services that help organizations reduce costs, improve performance. Their CY21 turnover, for the first 11 months starting 1 Jan 2021 to 30 Nov 2021 is at $45.7 million.
The acquisition will bolster Tech Mahindra's capabilities in digital experience solutions, learning & development, marketing, instructional design, engineering, cloud & automation, bi & analytics, technical support services.
Tech Mahindra will pay total consideration of up to $125 million including employment related and performance related earnouts.
Tech Mahindra is focused on leveraging 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 25.8% increase in consolidated net profit to Rs 1338.70 crore on 16.1% rise in net sales to Rs 10,881.30 crore in Q2 FY22 over Q2 FY21.
The scrip shed 0.73% to currently trade at Rs 1787.35 on the BSE.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and 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.

Digital Editor
Copyrights © 2022 Business Standard Private Ltd. All rights reserved.
Business Standard
Upgrade To Premium Services
Business Standard is happy to inform you of the launch of "Business Standard Premium Services"
As a premium subscriber you get an across device unfettered access to a range of services which include:
Business Standard
Premium Services
In Partnership with Fis Logo
Dear Guest,
Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard