IT services major Tech Mahindra has acquired the cash management product suite of London-based banking and financial services software provider Finastra, while industrial packaging and logistics firm Boxtron has acquired Tipayi, known for its three-in-one wooden balance bike for children.
Pune-based Tech Mahindra has acquired Finastra’s cash management product suite for an undisclosed amount.
The suite comprises Fusion Cash Management, Fusion Virtual Accounts and Fusion Liquidity Management. The products will now become part of Tech Mahindra’s banking, financial services and insurance (BFSI) solutions portfolio.
The acquisition will ensure continuity of services for existing customers through sustained platform access, ongoing services and customer support. It will also involve the transition of experienced product engineering and customer success personnel, Tech Mahindra said in a statement.
“Through this acquisition, we are creating a strong foundation for continued innovation. Our focus is on evolving these capabilities to help banks address the growing demand for intelligent, connected and efficient cash management solutions,” said Anil Venuturupalli, senior vice president, banking group, and chief product officer, financial services, at Tech Mahindra.
Ruchir Purwar, head of partnerships and cross-selling sales at Finastra, said Tech Mahindra was “well positioned” to take the solutions forward and continue supporting customers.
Pune-based industrial packaging and logistics firm Boxtron has acquired Tipayi, which makes a three-in-one wooden balance bike for children.
The company did not disclose the financial details of the transaction.
Boxton founders Viraj Parakh, Swapnil Potnis and Rohan Konde intend to take Tipayi, founded by Prem Kale, into its next phase of growth through market expansion, they said.
Posiview Capital Advisors acted as the transaction advisor to Boxton.