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...