Tech Mahindra Ltd, the software services arm of the diversified Mahindra Group, is acquiring Canada-headquartered IT consultancy Objectwise Consulting Group Inc for CAD 2.75 million (around $2.05 million or Rs 14.33 crore at the current exchange rate).
In a stock-exchange filing, Tech Mahindra said the acquisition would provide it access to Objectwise’s capabilities in the implementation and support of PEGA software, a business process management tool.
Tech Mahindra said it expects to complete the transaction by the end of next month.
Incorporated in 1996, Objectwise helps its customers implement PEGA software and designs and builds client relationship management, BPM and customer servicing applications. It also provides consultancy services and helps clients staff their offices with IT personnel across the organisational hierarchy.
The company recorded revenue of CAD 13.6 million for the financial year ended September 2018, down from CAD 15.4 million in the previous fiscal.
Tech Mahindra
This is the latest acquisition by Tech Mahindra, which in its 2018 annual report said that it was aggressively setting up and buying platforms.
In April, the CP Gurnani-led company said it would acquire an 18.1% stake each in Infotek Software & Systems Pvt. Ltd and Vitaran Electronics Pvt. Ltd for a total of up to Rs 13 crore.
The software services company said it would use the two firms’ presence in the radio-frequency identification (RFID) segment to build a footprint in the asset monitoring, tracking and automated billing solutions market.
In January last year, it had bought 17.5% stake in US-headquartered telecom software development firm Altiostar Networks Inc. for $15 million.
In December 2017, Tech Mahindra had agreed to buy an additional stake in Comviva Technologies Ltd -- a mobile financial and value-added services (VAS) solution provider -- from the Bharti Group and private equity firm WestBridge Capital. After this acquisition, the company’s holding in Comviva Technologies increased to 99.17%.
