Tech Mahindra Ltd has entered into an agreement to acquire 75 per cent stake in FixStream Network Inc (FSNI) for $10 million (Rs 60 crore), as per a stock market disclosure.
FSNI is going to develop emerging technology which will benefit Tech Mahindra’s customer base, the statement said.
Founded in May 2013 by networking and IT industry veterans, FSNI provides data integration and analytics platform focused on data centre and cloud management. Headquartered in Bangalore, the firm also has an office in the US.
For IT solutions and services provider Tech Mahindra, this is the second deal since January 1 and the third acquisition in the past one year.
Early this year it signed an agreement to acquire German chemicals giant BASF’s IT solutions arm which deals with third-party clients, for an undisclosed amount. Last year in April, Tech Mahindra acquired Sony Mobile Communication's Type Approval Lab.
(Edited by Joby Puthuparampil Johnson)