Tech Mahindra acquires European company for 310 million Euro
New Delhi:
IT company Tech Mahindra on Monday announced the acquisition of a 100% stake in Europe-based Com tec Co IT (CTC) and a 25% stake in two IT platforms for a total value of 330 million Euros (approx. Rs 2,800).
The company said the acquisition will strengthen its digital and insurance technology businesses. The acquisition of CTC is the second major acquisition the company has made after the Satyam scam in April 2010.
Tech Mahindra said it acquired Com Tec Co IT (CTC) for €310 million (approximately Rs 2,628 crore), including earnings and aggregate affiliate payments.
Tech Mahindra is also investing another 20 million euros to acquire 25% ownership in the SWFT and Surance platforms – which are part of the same founding team as CTC.