(Reuters) - Software services company Tech Mahindra Ltd said it would buy Virginia-based network services operator Lightbridge Communications Corp for $240 million to boost its presence in the United States.
The acquisition, expected to close by the fourth quarter, will add 20-30 new clients to Tech Mahindra, Chief Executive Officer C.P. Gurnani said on a call.
He also said all of Lightbridge's 5,700 employees would join Tech Mahindra, taking the company's total headcount to about 100,000.
"We expect network services to be a major growth engine for our organisation," Executive Vice Chairman Vineet Nayyar said in a statement. As of now, the telecommunications business accounts for around 45 percent of the company's revenue.
Tech Mahindra did not say how much its revenue will be boosted by the deal.
(Reporting by Nivedita Bhattacharjee in Mumbai; Editing by Anand Basu)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app