IT major Tech Mahindra on Friday announced that the company approved the proposal to acquire 100% equity shares in Allyis India Private Limited and the company’s wholly-owned subsidiary viz., Tech Mahindra (Americas) Inc approved the proposal to acquire 100% equity shares in Green Investments LLC.
Allyis India Pvt Ltd and Green Investments LLC, the holding company for Allyis Group, which is headquartered in Seattle, USA, and has more than 660 employees. For the financial year ending 31st December 2020, the company had revenue of $39.6 million.
Tech Mahindra will pay total consideration of up to $125 million including employment-related and performance-related earnouts.
“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,” the IT giant said in an exchange filing today.
Allyis offers technology consulting and managed services that help organizations reduce costs, improve performance, and meet their unique objectives. While Allyis India Pvt Ltd was incorporated in 2018 Green Investments LLC was incorporated in 2013. The last three year’s total turnover for the two entities is as follows – CY20: $39.6 million, CY19: $34 million, and CY18: $31 million.
Shares of Tech Mahindra were trading 0.2% lower at ₹1,796 apiece on the BSE in Friday’s early session. (Mint)
