Tech Mahindra taps into insurance biz with acquisition of Com Tec Co IT

Deal struck at €310 mn; also invests 310 mn; €25 mn in acquiring 50% stake in SWFT & Surance

IT services major Tech Mahindra announced acquisition of Com Tec Co IT Ltd (CTC) for €310 million (Rs 2,625 crore), including earnouts and synergy-linked payouts. This will be eight acquisition the company has made in FY22.

CTC is an IT solutions and service provider serving the insurance and financial services industries with development centres in Latvia and Belarus. For the CY2020, CTC had revenue of Euro 71.3 million (around Rs 604 crore) and for the nine months ended September 30, 2021 the company had revenue of euro 58.8 million (around Rs 498 crore).

The acquisition will enable Tech Mahindra to tap onto