Tech Mahindra acquires 100% stake in Allyis India and Green Investments
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IT services major Tech Mahindra announced the acquisition of 100 per cent stake in Allyis India and Green Investments for $125 million in an all cash deal.
The target entity is Allyis India Pvt Ltd and Green Investments LLC, holding company for Allyis Group (together called as Target). Target is headquartered in Seattle, US, and has more than 660 employees. For the financial year ending December 31, 2020, Target reported a revenue of $39.6 million.
The company, in a BSE filing, said that the acquisition will bolster Tech Mahindra’s capabilities in digital experience solutions: learning & development, marketing, instructional design; engineering: cloud & automation, BI & analytics and technical support services.
Target offers technology consulting and managed services, while Allyis India was incorporated in 2018 Green Investments LLC was incorporated in 2013. Last three year’s total turnover for the two entities was $39.6 million in CY20, $34 million in CY19 and $31 million in CY18. The CY21 turnover, for the first 11 months starting Jan 1, 2021. to Nov 30, 2021, is at $45.7 million.
Tech Mahindra has been making small tuck-in acquisitions in the recent past. Earlier this month the company announced the acquisition of Florida-based Activus Connect in an all cash deal worth $62 million.
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