Thirdware will be acquired by Tech Mahindra for $42 million
- ByStartupStory | March 15, 2022
According to an exchange filing, IT company Tech Mahindra will purchase a 100% share in Mumbai-based Thirdware Solutions Ltd for $42 million in an all-cash deal.
The acquisition will expand Tech Mahindra’s digital consulting, design, development, and implementation capabilities in areas such as ERP (Enterprise Resource Planning), EPM (Enterprise Performance Management), RPA (Robotic Process Automation), and IIoT (Industrial Internet of Things), according to the company.
Tech Mahindra will pay up to $42 million in total consideration, plus earnouts.
Thirdware is a global leader in corporate applications, specializing in ERP, business intelligence, cloud computing, and business technology. It specializes in enterprise application consulting, design, implementation, and support, with a concentration on the automotive industry.
On the National Stock Exchange (NSE), Tech Mahindra shares closed 0.18 per cent higher at 1,488 per share on Friday. In the December quarter, Tech Mahindra reported a net profit of Rs 1,369 crore, up 4.5 per cent, as the company’s annual revenue run rate surpassed $6 billion.
Revenues were Rs 11,451 crore, up 19% from the previous year. In financial terms, profit increased by 3.4 per cent to $183.8 million, while revenue increased by 17.2% to $1.53 billion.
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