Tech Mahindra will buy share in Thirdware Solutions for 42 Million
Share in Thirdware Solutions – Tech Mahindra, an IT services company, stated on Saturday that it will purchase a 100% stake in Mumbai-based Thirdware Solutions Ltd in an all-cash deal for up to $42 million, including earnouts, in an all-cash deal worth up to $42 million.
With approximately 850 people, Thirdware is an IT services company. In an exchange filing, Tech Mahindra stated that it provides industry-specific technology knowledge through a spectrum of services covering business applications consultation, design, implementation, and support.
Tech Mahindra will gain an advantage in the manufacturing industry thanks to Thirdware’s capacity to conduct end-to-end installations and global rollouts of ERP solutions, according to the company. The acquisition is expected to be finalised by May 31, 2022, according to Tech Mahindra. In 1995, Thirdware was founded. In FY21, the company made Rs 210.62 crore, Rs 215.56 crore in FY20, and Rs 225.44 crore in FY19. The company’s revenue during the first 10 months of FY22, which ended on January 31, 2022, was Rs 226.5 crore. On the BSE, Tech Mahindra’s shares closed 0.13 percent higher at Rs 1,486.95 on Friday.
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