The IT company on Saturday announced that it has approved the proposal to acquire 100% equity shares in Thirdware Solutions.
Thirdware, headquartered in Mumbai, is a global player in Enterprise Applications focused in the areas of ERP, BIA, Cloud and business technologies. Thirdware offers consulting, design, implementing, and support of enterprise applications services with a focus on the automotive industry. For the financial year ended 31 March 2021, Thirdware had revenue of Rs 210.62 crore.Tech Mahindra said that the acquisition will bolster company's digital solutions and services in automotive consulting, design, development and implementation in areas like ERP (Enterprise Resource Planning), EPM (Enterprise Performance Management), RPA (Robotic Process Automation), and IIoT (Industrial Internet of Things). Thirdware's capability to provide end-to-end implementations and global rollouts of ERP solutions will give Tech Mahindra an edge in the manufacturing space.
Tech Mahindra will pay a total cash consideration of up to $42 million including earnouts.
Shares of Tech Mahindra closed 0.13% higher at Rs 1,486.95 on Friday. In last one month, the counter rose 4.39% as compared to a 4.28% fall in Nifty 50 index.
Tech Mahindra is focused on leveraging next-generation technologies including 5G, Blockchain, Cybersecurity, Artificial Intelligence, and more, to enable end-to-end digital transformation for global customers.
The IT services company reported 6.82% increase in consolidated net profit to Rs 1,378.20 crore on 18.69% rise in revenue from operations to Rs 11,450.80 crore in Q3 FY22 over Q3 FY21.
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