MUMBAI

The Pak Banker - - COMPANIES/BOSS -

Tech Mahin­dra Ltd, In­dia's fifth-largest soft­ware ser­vices ex­porter, said on Fri­day it had signed a deal to ac­quire SOF­GEN Hold­ings Ltd, a Geneva-based con­sult­ing and ser­vices company that spe­cial­izes in pri­vate, wealth, com­mer­cial and re­tail bank­ing so­lu­tions. The trans­ac­tion is ex­pected to close by March, sub­ject to reg­u­la­tory ap­provals. Fi­nan­cial de­tails of the deal were not dis­closed. "This ac­qui­si­tion gives us an op­por­tu­nity to en­hance our ex­per­tise to im­ple­ment mod­ern­ized core bank­ing and trans­for­ma­tion ser­vices ca­pa­bil­i­ties. This will es­tab­lish us as a sig­nif­i­cant player in the spe­cial­ized and rapidly grow­ing pri­vate bank­ing and wealth man­age­ment seg­ment glob­ally." said C.P. Gur­nani, man­ag­ing di­rec­tor and chief ex­ec­u­tive of Tech Mahin­dra. SOF­GEN's 450-plus em­ploy­ees will also be added to Tech Mahin­dra's global work­force. "The ac­qui­si­tion is also ex­pected to help Tech Mahin­dra to part­ner with global wealth man­agers and pri­vate bank­ing com­pa­nies," Tech Mahin­dra said in a state­ment. This is Tech Mahin­dra's first 100% ac­qui­si­tion in the bank­ing, fi­nan­cial ser­vices and in­surance (BFSI) seg­ment out­side In­dia since its merger with Satyam Com­puter Ser­vices Ltd. Aven­dus Cap­i­tal was the ad­vi­sor to SOF­GEN for the deal. In the three months ended 30 Septem­ber 2014, Tech Mahin­dra re­ported $90 mil­lion or 10% of its con­sol­i­dated rev­enue of $900 mil­lion from the BFSI seg­ment. "The ac­qui­si­tion of SOF­GEN will boost Tech Mahin­dra's BFSI port­fo­lio where it needed to boost its do­main ex­per­tise. This will also help in its di­ver­si­fi­ca­tion, from its core strength in tele­com, and help it achieve its goal of be­ing a top soft­ware ser­vices player to con­tend with," said Sarab­jit Kour Nan­gra, vi­cepres­i­dent of re­search-IT, An­gel Broking. Ac­qui­si­tions are im­por­tant for Tech Mahin­dra as it hopes to achieve its de­clared tar­get of $5 bil­lion in rev­enue by 2017. In 2014, Tech Mahin­dra had made three ac­qui­si­tions. On 20 Novem­ber, it ac­quired US-based global tele­com net­work ser­vices provider Light­bridge Com­mu­ni­ca­tions Corp. (LCC) in an all-cash deal for $240 mil­lion.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.