IT services firm Tech Mahindra, on Monday, announced that it would acquire a U.S-based analytics start-up for $10 million (Rs. 60 crore).

In an announcement to the stock exchanges, the company said that it would acquire a 75 per cent stake in Fix Stream Networks Inc (FSNI), subject to necessary regulatory approvals.

“FSNI is going to develop emerging technology which will benefit Tech Mahindra’s customer base,” the company said.

In doing so, the company is rapidly expanding its scope in terms of innovation, talent and time to market, according to analysts. Earlier this year, Tech Mahindra also partnered with chip-design firm Texas Instruments to set up a lab in Bangalore that will focus on developing solutions based on the ‘Internet of Things’.

Fix Stream Networks, which looks to solve complex data centre and cloud problems, was founded last year by Sameer Padhye and Abhinay Padhye, who both earlier worked at networking major Cisco.

The company currently has offices both in the U.S and in Bangalore. The shares of BSE-listed Tech Mahindra closed 0.17 per cent up on Monday after the deal was announced.

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