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Tech Mahindra to Acquire Zen3 Infosolutions for $64 Million

24Feb By AdityaNo Comments

ACQUISITION

Tech Mahindra to Acquire Zen3 Infosolutions for $64 Million

Indian IT company Tech Mahindra has signed an agreement to acquire 100 percent stake in US-based Zen3 Infosolutions for USD 64 million in an all-cash deal. Headquartered in Seattle, Zen 3 has over 1,300 employees spread across offices in Seattle, Dublin, Hyderabad, Vishakhapatnam, and Bengaluru. "The acquisition of Zen3 Infosolutions is in line with our strategy to build new capabilities. It has expertise in artificial intelligence, machine learning, annotations, cloud engineering etc which are high growth area," Vivek Agrawal- Global Head, Enterprise Business and Portfolio Companies, Tech Mahindra said. Tech Mahindra will acquire 100 per cent stake in the company for USD 64 million or about Rs 460 crore out of which USD 42 million or about Rs 300 crore will be paid at closing and...

28Nov By AdityaNo Comments

ACQUISITION

Tech Mahindra Acquire Digital Agency BORN Group

NEWYORK-- BORN Group, a leading digital transformation agency with a focus on customer experience and enterprise commerce solutions, has been acquired by global technology and services firm Tech Mahindra Ltd. Founded in 2011, Born set forth to create a new-age marketing agency that helped brands adapt to the digital economy. Their vehicle, BORN, grew out of a combination of two acquired firms, Group FMG, a content production house and a NY-based marketing boutique specialized in creative design, Pod1. Since then, BORN has experienced exceptional growth with operations in 8 countries serving over 40 end markets working with a range of enterprise clients. The company is widely recognized and award winning and serves a roster of clients who seek enterprise commerce and experience...

Tech Mahindra Acquire 65% Stake of US Design Firm For $70 mn

13Aug By Ankita SinghNo Comments

ACQUISITION

Tech Mahindra Acquire 65% Stake of US Design Firm For $70 mn

Indian IT company Tech Mahindra will pay USD 70 million (about Rs 490 crore) to acquire 65 percent stake in US-based strategic design consultancy firm Mad*Pow. "We are buying 65 percent upfront and for that 65 percent we are paying about USD 70 million and the balance 35 percent will be acquired subsequently from the management team and the founders...," Vivek Agarwal, head for corporate development & BFSI at Tech Mahindra Limited, said in a call with analysts. The company announced plans to acquire Mad*Pow on July 30. Tech Mahindra MD and CEO CP Gurnani said Mad*Pow is a 70-people strong organisation with capability in customer experience, human center design and understanding of behavioral science which will give Tech Mahindra a significant edge in digital transformation pro...

Tech Mahindra to acquire K-Vision for USD 1.5 mn to expand 5G business

18Mar By Press Trust of IndiaNo Comments

ACQUISITION

Tech Mahindra to acquire K-Vision for USD 1.5 mn to expand 5G business

New Delhi: IT company Tech Mahindra will acquire Japan-based mobile network solution firm K-Vision for USD 1.5 million in an all-cash deal to support 4G and 5G telecom network roll out in Japan. "The investment committee of the board of directors of the company has approved the proposal to acquire 100 per cent shareholding in M/s K-Vision Co., Ltd through its wholly owned subsidiary ie Mahindra Engineering Services (Europe) Limited," Tech Mahindra said in a note. K-Vision provides network services for mobile communications to telecom operators in Japan. The company earned revenue of USD 4.8 million during 12-month period ended January 31, 2019. "Tech Mahindra through its wholly owned subsidiary...intends to leverage the local presence and expertise of K-Vision to build its ne...

Facebook Accelerates Outsourcing to Indian IT Firms to Manage Fraud

31Dec By Gauri SinghNo Comments

Tech

Facebook Accelerates Outsourcing to Indian IT Firms to Manage Fraud

The social networking giant Facebook has accelerated its reach to Indian IT services firms including HCL Technologies, Wipro and Tech Mahindra for the purpose of content moderation, anti-money laundering and data analytics as it faces increased global pressure and scrutiny to curb rumours as well as fraud on the platform. The social network has increased the engagement in the “the last few months” with the Indian companies. One of the executives of a tech firm said the combined contracts of Indian companies with Facebook is valued at over $400 million and would only increase as the social network seeks human help in resolving issues that it had earlier thought would be helped by technology. After the scandals broke out, Facebook founder Mark Zuckerberg had pr...

Cisco & Tech Mahindra to Jointly Launch Digital Tech Experience Centre

29Nov By Gauri SinghNo Comments

News

Cisco & Tech Mahindra to Jointly Launch Digital Tech Experience Centre

Tech Mahindra and Cisco have together launched a state-of-the-art digital experience centre in one of the leading cities of India, Bengaluru. The facility, located at Tech Mahindra’s campus here, will showcase use cases for digitization in manufacturing, retail and smart cities such as asset visibility and yard tracking, city surveillance and incident management, smart lighting, waste management, environmental monitoring, city Wi-fi, machine connectivity and other areas. Tech Mahindra said the centre, which was inaugurated by C P Gurnani, chief executive officer and managing director, Tech Mahindra and Sameer Garde, President, Cisco India, and SAARC, would create a simulated environment of digital technology solutions to showcase joint capabilities in implementation and operations. I...

Tech Mahindra to set up a bio-incubator in Partnership with BioNEST

3Nov By Gauri SinghNo Comments

BUSINESS

Tech Mahindra to set up a bio-incubator in Partnership with BioNEST

Tech Mahindra is collaborating with BioNEST, a bio-incubator formed with the support of the Biotechnology Industry Research Assistance Council (BIRAC) to drive research and co-innovation in pharmaceutical and biotechnology space. The enterprises have signed a MoU (Memorandum of Understanding) to enable development of new technology platforms, and to bolster the pharmaceutical and biotechnology innovation ecosystem in the country. As the technology partner, Tech Mahindra will help leverage digital technologies to develop new platforms and solutions in the space. This collaboration with BioNEST will also enable industry and academia partnership, and ensure efficient exchange of knowledge in the area. “We have a comprehensive understanding of research and innovation in the biotechnolog...

Tech Mahindra Reduces its Retirement Age to 55 Years

2Oct By Gauri SinghNo Comments

News

Tech Mahindra Reduces its Retirement Age to 55 Years

The popular IT company Tech Mahindra has reduced the retirement age from 58 to 55 years. Generally, corporate and government retirement ages go up but in the rapidly changing IT industry, it’s beginning to go down. This move by the company indicates that they don’t want to be stuck with older employees who may be reluctant to change. The policy applies only to employees in what it calls the ‘U’ band — those with under seven years of experience. The policy has no impact for now, and its senior employees will not be hit. “At the end of the day, business-and-skill mix required has changed dramatically. Companies have engaged their employees in long learning cycles — in some cases, at their own expense. Firms have little control and are driven by clients’ demand and are actively changing...

Tech Mahindra Will Hire 4,000 Freshers Globally on Demand Basis

6Aug By NitishNo Comments

News

Tech Mahindra Will Hire 4,000 Freshers Globally on Demand Basis

India's leading software development company Tech Mahindra looking to hire around 4,000 freshers in next 9 months. According to the company, the major focus on "demand-based" hiring instead of creating an inventory. Mumbai based IT company has already hired about 1,800 fresh graduates in the first quarter of the ongoing fiscal. The total headcount of the company is 1,13,552 people at the end of June 2018 quarter, an addition of 745 people over the preceding quarter. The software headcount was 72,462 people, while those in BPO were 34,700 and 6,390 people in sales and support function in the said quarter. Tech Mahindra CEO and MD C P Gurnani said trends suggest that hiring is no longer linear to the growth of companies. Also, fresher hiring is distributed ie a centre in Pl...

Tech Mahindra to set up Centre of Excellence in Toronto; Invests C$100 Mn

23Feb By Sabhyata AgarwalNo Comments

BUSINESS

Tech Mahindra to set up Centre of Excellence in Toronto; Invests C$100 Mn

The Indian Multinational provider of IT, Tech Mahindra said that it would invest 100 million Canadian dollar over five years to set up a centre of excellence in artificial intelligence (AI) and block-chain. The news comes in light when the Prime Minister of Canada Justin Trudeau is visiting India with his family to promote enhanced bilateral collaboration between India and Canada. The company said that the investment is planned to focus on emerging technologies that are making innovations in industries. It further will serve to smart cities projects and fintech companies. Previously, Tech Mahindra had invested in startups working under the domain of automation, internet-of-things and artificial intelligence. The centre of excellence which will be set up in Toronto, would develop b...

15May By PriyankaNo Comments

News

Indian IT Firm Tech Mahindra Entered Into Top-20 Global Tech Brands

IT firm Tech Mahindra today said it has entered into the Top-20 global tech services brands list (by brand value) in 2017,as per an independent assessment by a valuation and strategy consultancy, Brand Finance. It also said the company has potential to be in the top-5 technology services brands by 2020. Tech Mahindra has been ranked at No 14, with an impressive growth of 21 per cent over the previous fiscal, a joint release by Tech Mahindra and Brand Finance said. "Tech Mahindra has delivered excellent brand value growth of 21 per cent. Its brand transformation journey from being an Information Technology player to a Digital Transformation partner has shown great progress," Brand Finance Founder and CEO David Haigh said. "With its new brand promise of Connected World,Connected ...

Tech Mahindra Set Up Future Lab in Bengaluru For AI, AR and Manufacturing Design

8Mar By AnkitaNo Comments

News

Tech Mahindra Set Up Future Lab in Bengaluru For AI, AR and Manufacturing Design

Tech Mahindra today announced that it has set up a "state-of-the-art" lab at its campus here, which works on technologies that are expected to power the future factory floors. Known as the "Factory of the Future" lab, the new centre showcases assets and solutions in the areas of Digital Manufacturing, Connected Machines, Addictive Manufacturing, Robotics & Automation, Artificial Intelligence & Analytics, and Augmented Reality & Virtual Reality, the company said in a statement here. It also said the lab will demonstrate solutions and products built in association with many leading software and hardware vendors, adding that it is built in modular form to showcase Industry 4.0 concepts that are central to be able to help building the digital backbone of client organisations. It makes ...