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.