Techwave Consulting acquires UK, Hungarian firms for $4 million

Techwave Consulting Inc, a US-based IT services and solutions company with its global delivery centre (GDC) in Hyderabad, has acquired UK-based digital services and solutions provider Tech Advaita, besides signing a definitive agreement to acquire a Hungarian SAP services firm, together for $4 million (around Rs 26.5 crore).

"We have chalked out our roadmap for significant growth through expansion of our global client base and strategic acquisitions to achieve a revenue target of $100 million by the end of this financial year, with the acquisitions adding up to $8 million to our revenues," Damodar Rao Gummadapu, chief executive officer of Techwave, said in a statement on Tuesday.

The company is looking forward to continuing its growth trajectory by investing heavily in ISMAC (Internet of Things, social media, mobile, analytics and cloud) and digital solutions. Techwave will soon be foraying into the Asia-Pacific region, he added.

The mid-tier IT services company has already crossed the $5-million revenue mark. It has recently increased its headcount to 1,500 from a little over 500 professional last year.

According to Gummadapu, Tech Advaita brings in strong expertise across e-commerce (SAP Hybris, Oracle Commerce), web technologies and content management.

"Combined with Techwave's established practices, this acquisition positions the company for leadership in addressing the fast-growing digital services market. The acquisition adds 40 more employees to Techwave's growing team of over 700 employees at its GDC," he said.

In addition to providing global support to Techwave's clients across the globe, the Hyderabad location enables remote infrastructure management (RIM) services using integrated monitoring facility built at the GDC.