Tech Mahindra to acquire Thirdware Solutions

Mumbai, March 12 : IT firm Tech Mahindra on Saturday said it plans to acquire 100 per cent stake in Thirdwave Solutions for a consideration of USD 42 million. In a regulatory filing, Tech Mahindra said that the company has approved the proposal to acquire 100 per cent equity shares in Thirdware Solutions. “Tech Mahindra will pay total consideration of up to USD 42 million including earnouts,” it said. Headquartered in Mumbai, Thirdware delivers industryspecific technological expertise through a range of services spanning business applications consulting, design, implementation and support. “The acquisition will bolster Tech Mahindra’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 Industrial Internet of Things,” the company said. It further said that 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 expects the acquisition to be completed by May 31, 2022. Thirdware Solutions, with more than 850 employees, had reported revenue of Rs 2,10.62 crore. PSK GNK

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