Tech Mahindra to acquire Thirdware Solutions in all-cash deal for $42 mn

Industry:    2022-03-14

IT Company Tech Mahindra will acquire 100% stake in Mumbai-based Thirdware Solutions Ltd in all-cash deal for $42 million, according to 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 company 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 said.

Tech Mahindra will pay total consideration of up to $42 million including earnouts.

Thirdware is a global player in enterprise applications focused in the areas of ERP, BIA, Cloud and business technologies. It offers consulting, design, implementing, and support of enterprise applications services with a focus on the automotive industry.

On Friday, Tech Mahindra shares closed 0.18% higher at ₹1,488 apiece on NSE.

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