Tech Mahindra is acquiring IT services firm Thirdware Solutions in an all cash deal for a consideration of up to $42 million, including earnouts.
The transaction, for acquisition of 100% stake, in the Mumbai-headquartered global player in Enterprise Applications is expected to be completed by May 31, Tech Mahindra said in a filing on Saturday.
Thirdware has more than 850 employees and offers consulting, design, implementing, support of enterprise applications services with a focus on the automotive industry. For 2020-21, it had registered ₹210.6 crore in revenues. For the first 10 months of the current fiscal, the revenues were ₹226.5 crore.
The acquisition will bolster Tech Mahindra’s digital solutions and services in automotive consulting, design, development, and implementation in areas like ERP, Enterprise Performance Management, Robotic Process Automation and Industrial Internet of Things). Tech Mahindra said Thirdware’s capability to provide end-to-end implementations and global roll-outs of ERP solutions will give it an edge in the manufacturing space.
