You are here: Home » Companies » News
Business Standard

Tech Mahindra to acquire Tenzing Group, Momenton for Rs 293 crore

IT company Tech Mahindra on Friday said it will acquire complete stake in New Zealand-based Tenzing Group and Australian IT firm Momenton for a cumulative amount of around Rs 293 crore

Tech Mahindra

Press Trust of India  |  New Delhi 

Tech Mahindra

IT company on Friday said it will acquire complete stake in New Zealand-based Tenzing Group and Australian IT firm Momenton for a cumulative amount of around Rs 293 crore.

The company will acquire Auckland-headquartered consulting firm Tenzing Group for about Rs 218 crore and Melbourne-based cloud and engineering services firm Momenton for about Rs 75 crore.

"The acquisition of Momenton and Tenzing is in line with our strategy to strengthen our digital capabilities, and offer our clients end-to-end transformation services," Vivek Agarwal, head (corporate development) and global head (healthcare and financial services) at Tech Mahindra, told PTI.

He added that the entire team of both the will join

Tenzing Group will bring in around 145 employees to and Momenton Pty Ltd, 55 employees.

The acquisition of Tenzing Group is expected to close at the end of November, and the process for Momenton is expected to close by March 31.

"Both Momenton and Tenzing Group have been operating in the Australia and New Zealand market with focus on financial services. We are looking to increase our capabilities there. We do have a sizable presence in the Australia and New Zealand markets," Agarwal said.

He also said these acquisitions will help the company add more visibility in the verticals they operate in.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, October 23 2020. 21:45 IST