On Saturday, the IT firm stated that it has authorized the plan to acquire 100 percent ownership of Thirdware Solutions. Tech Mahindra will pay a total cash consideration of up to $42 million, including earnouts.
According to Tech Mahindra, the acquisition will strengthen the company’s digital solutions and services in areas such as automotive consulting, design, development, and implementation in areas such as ERP (Enterprise Resource Planning), EPM (Enterprise Performance Management), RPA (Robotic Process Automation), and IIoT. (Industrial Internet of Things). The capacity of Thirdware to conduct end-to-end ERP deployments and worldwide rollouts will provide Tech Mahindra with a competitive advantage in the manufacturing market.
Thirdware, based in Mumbai, is a worldwide provider in Enterprise Applications, with an emphasis on ERP, BIA, Cloud, and business technology. Thirdware specializes in enterprise application consultation, design, implementation, and support for the automobile sector. Thirdware earned Rs 210.62 crore in revenue for the fiscal year ending March 31, 2021.
On Friday, Tech Mahindra’s stock finished 0.13 percent higher at Rs 1,486.95. In the previous month, the counter increased 4.39 percent, compared to a 4.28 percent drop in the Nifty 50 index. Tech Mahindra is committed to using next-generation technologies such as 5G, Blockchain, Cybersecurity, Artificial Intelligence, and others to allow end-to-end digital transformation for worldwide customers.
In Q3 FY22, the IT services firm recorded a 6.82 percent increase in overall net profit to Rs 1,378.20 crore on an 18.69 percent growth in revenue from operations to Rs 11,450.80 crore compared to the previous quarter.