Tech Mahindra said on Saturday that it intends to purchase a 100% share in Thirdwave Solutions for USD 42 million. Tech Mahindra announced in a regulatory filing that the request to buy 100% equity shares in Thirdware Solutions was approved.
“Tech Mahindra will pay total consideration of up to USD 42 million including earnouts,” it said.
Thirdware, based in Mumbai, provides industry-specific technology knowledge through a variety of business application consulting, design, installation, and maintenance services.
“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 Industrial Internet of Things,” the company said.
It goes on to say that Thirdware’s capacity to execute end-to-end ERP deployments and worldwide rollouts will provide Tech Mahindra with a competitive advantage in the industrial sector.
