£112m deal will mean 250 new jobs at firm

HUNDREDS of new jobs are being created after a £112m deal to buy one of Wales’ leading technology firms was given the go-ahead.

Cardiff-based Target is set to recruit 250 workers, most of whom will be based in South Wales.

The company, which specialises in financial services and software, is being bought by Indian firm Tech Mahindra.

The deal, first revealed in May but which was yesterday formally approved by the Financial Conduct Authority, will see the current management team remain in the business.

Ian Larkin and Bill Alley, joint chief executives of Target Group, said: “Our focus now will be on accelerating the next stage of our growth.

“In doing so, we look forward to working as part of Tech Mahindra to further develop our scale, market share and, most importantly, our solutions and services for clients.”

Target, which was set up in 1979, has offices in Newport, Australia and New Zealand.

It currently employs 800 workers and specialises in “business process outsourcing and software solutions” to more than 50 financial institutions across the world including Credit Suisse and Goldman Sachs.

Rhiannon Williams, Target’s HR director, said: “We are delighted to be creating 250 new career opportunities, with the majority in South Wales.

“We have a wide variety of jobs available ranging from customer services positions to financial roles.

“We have been incredibly impressed with the talent on offer in the local area and our aim is to always attract and further develop the best the region has to offer.”

Tech Mahindra, which is a £3bn company and has a global workforce of more than 107,000, has agreed to acquire a 100% stake in the business. ■ Acorn recruitment advice column: Page 35