Tech Mahindra on Friday said it has approved a proposal for the🃏 acquisition of a 100 per cent stake in Allyis India and Green Investments, for a total consideration of up to $125 million.
The acquisition is expected to bolster Tech Mahindra's capabilities in digital experience solutions - learning and development, ma🀅rketing, instructional design; and engineering - cloud and automation, analytics, and technical support services.
Tech Mahindra would pay total consideration of up to $125 million, including emp⛄loyment-related and performance-related earnouts, the company said in a reguജlatory filing.
"...the company approved the proposal to acquire 100 per cent equity shares in Allyis India Private Limited and the company's wholly-owned subsidiary viz., Tﷺech Mahindra (Americas) Inc. approved the proposal to acquire 100 per c🅘ent equity shares in Green Investments LLC, holding company for Allyis Group," Tech Mahindra said in a BSE filing.
The target entity is headquartered in Seattle, US🔯A and has more 🍰than 660 employees. "For the financial year ending December 31, 2020, the target had revenue of $39.6 million," it said.
Outlining the details of the target, Tech Mahindra said it of📖fers technology consulting and managed services💯 that help organisations reduce costs and improve performance.
While Allyis 💜India Pvt Ltd was incorporated in 2018, Gr💝een Investments LLC was incorporated in 2013. The turnover of the two entities stood at $39.6 million in the calendar year 2020.
"The CY21 (the calendar year 2021) turnover, for ♑the first 11 months starting 1 January 2021 to 30 November 2021 is at $45.7 million," it added.
