Tech Mahindra said that its wholly owned subsidiary Tech Mahindra (Singapore) has approved the proposal to acquire 80% equity shares in Geomatic.AI.
Tech Mahindra is creating a next-generation artificial intelligence firm Geomatic.AI to focus on digital platforms led non-linear growth, in partnership with AusNet Services, an Australian energy & utilities distributor. Geomatic.AI will build digital twins for linear assets leveraging cloud, drone and mobility technologies in the geospatial domain.
As part of this deal, Tech Mahindra will have 80% equity shareholding in Geomatic.AI, for a cash consideration of 6 million Australian dollars (AUD).
AusNet will have 20% shareholding and transfer digital workforce, Intellectual Property (IP), assets and client contracts to the newly formed entity. This highly differentiated IP that Tech Mahindra gains will position it uniquely to deliver drone technologies, digital twins, artificial intelligence led services to linear asset-intensive industries viz. energy & utilities, transportation, oil & gas and public sector.
The Mahindra Group IT firm intends to further enrich this IP and take it to the American and European geographies where it sees heightened demand for this digital platform offering.
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 December 2021 over Q3 December 2020.
The scrip rose 3.55% to end at Rs 1439.45 on the BSE yesterday.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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