Tech Mahindra to acquire Tenzing Group, Momenton for Rs 293 crore
IT firm Tech Mahindra on Friday stated it’s going to purchase full stake in New Zealand-based Tenzing Group and Australian IT agency Momenton for a cumulative quantity of round Rs 293 crore. The corporate will purchase Auckland-headquartered consulting agency Tenzing Group for about Rs 218 crore and Melbourne-based cloud and engineering companies agency Momenton for about Rs 75 crore.
“The acquisition of Momenton and Tenzing is according to our technique to strengthen our digital capabilities, and supply our shoppers end-to-end transformation companies,” Vivek Agarwal, head (company improvement) and international head (healthcare and monetary companies) at Tech Mahindra, instructed .
He added that your complete crew of each the businesses will be a part of Tech Mahindra.
Tenzing Group will herald round 145 workers to Tech Mahindra and Momenton Pty Ltd, 55 workers.
The acquisition of Tenzing Group is anticipated to shut on the finish of November, and the method for Momenton is anticipated to shut by March 31.
“Each Momenton and Tenzing Group have been working within the Australia and New Zealand market with give attention to monetary companies. We want to improve our capabilities there. We do have a large presence within the Australia and New Zealand markets,” Agarwal stated.
He additionally stated these acquisitions will assist the corporate add extra visibility within the verticals they function in.
