Tech Mahindra, one of India's leading software service companies, Friday announced that it has signed a definitive agreement to acquire Swiss firm SOFGEN Holdings Limited, which specializes in private, wealth, commercial and retail banking solutions.
The transaction is expected to close by March 2015, subject to regulatory approvals, the two companies said in a joint statement. They, however, have not revealed the size of the transaction.
With this acquisition, Tech Mahindra will have the capability to offer a unique combination of "change the bank and run the bank" services to retail banking, private banking and wealth management customers globally.
"This acquisition gives us an opportunity to enhance our expertise to implement modernized core banking and transformation services capabilities. This milestone in the growth journey of Tech Mahindra will establish us as a significant player in the specialized and rapidly growing private banking and wealth management segment globally," said C.P. Gurnani, MD and CEO, Tech Mahindra.
"Bringing SOFGEN into the Tech Mahindra fold will give us access to new geographies, and a different magnitude of customer relationship," said Alexander Dembitz, chairman, SOFGEN.
"The highly experienced consultant work-force, coupled with the size and scale of Tech Mahindra will help us deliver compelling value to our prestigious customers globally," he added.
The Geneva-based firm has global presence with over 450 employees.