The IT major, through its wholly-owned subsidiary viz., Tech Mahindra (Americas) Inc., approved the proposal to acquire 100% equity shares in US-based Brainscale Inc.
Brainscale Inc. is headquartered in Princeton, New Jersey, US. The company is a cloud focused asset having expertise in cloud consulting, enablement, application development and data analytics. It has more than 120 employees. For the financial year ending 31 December 2020, the company had revenue of $10 million.The acquisition will bolster Tech Mahindra's consulting capabilities in the Cloud transformation space and will enable Tech Mahindra to drive growth of Cloud related IT services in the North American market.
Tech Mahindra will pay total consideration of up to $28.8 million including earnouts. The transaction is expected to close by 15 August 2021.
Tech Mahindra's consolidated net profit fell 17.44% to Rs 1,081 crore on 0.9% rise in revenues to Rs 9,730 crore in Q4 FY21 over Q3 FY21.
Tech Mahindra is engaged in the business of computer programming, consultancy and related services.
Shares of Tech Mahindra lost 0.25% to Rs 1,086.55 on BSE. The stock hovered in the range of Rs 1,081.35 to Rs 1,099.45 so far.
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