IT company Tech Mahindra on Monday announced acquisition of 100 per cent stake in Europe-based Com tec Co IT (CTC) and 25 per cent stake in two IT platforms for a total of EUR 330 million (about Rs 2,800 crore).
The company said the acquisitions will strengthen its digital engineering and insurance technology businesses. The acquisition of CTC is the second-largest acquisition that the company has made after scam-hit Satyam in April 2010.
Tech Mahindra said that it has acquired Com Tec Co IT (CTC) for 310 million euros (around Rs 2,628 crore), including earnouts and synergy linked payouts.
Tech Mahindra is also investing another 20 million euros in acquiring 25 per cent ownership in SWFT and Surance platform-- which are part of the same founding group as CTC.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU