Tech Mahindra to acquire 100% stake in Thirdware Solutions for $42 mn

IT services company Tech Mahindra on Saturday said it will acquire 100 per cent stake in Mumbai headquartered Thirdware Solutions Ltd in an all-cash deal for up to $42 million, including earnouts.
 
Thirdware is an IT services company with over 850 employees. It delivers industry-specific technological expertise through a range of services spanning business applications consulting, design, implementation and support, Tech Mahindra said in an exchange filing.
 
"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 IIoT (Industrial Internet of Things)," the filing said.
 
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, it added.
 
Tech Mahindra expects the acquisition to be completed by May 31, 2022.
 
Thirdware was incorporated in 1995. Its turnover stood at Rs 210.62 crore in FY21, Rs 215.56 crore in FY20 and Rs 225.44 crore in FY19. The turnover for the first ten months of FY22, till January 31, 2022, stood at Rs 226.5 crore.
 
On Friday, shares of Tech Mahindra ended 0.13 per cent higher at Rs 1,486.95 on the BSE.

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