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Tech Mahindra to acquire 6.03% stake in VitalTech Holdings

Capital Market 

Tech Mahindra announced that its wholly owned subsidiary, Tech Mahindra (Americas) Inc. has agreed to acquire 6.03% equity shares in VitalTech Holdings, Inc. for a cash consideration of USD 3 million.

The Company also has an option to invest an additional amount of upto USD 5 million to acquire additional equity upto 8% till January 2021.

VitalTech Holdings, Inc. headquartered in Plano, Texas.

It is engaged in the business of cloud-based Telehealth and remote patient monitoring platform development and services.

The acquisition will strengthen company's existing Healthcare IT services business and help company's healthcare customers in their digital transformation journey.

The tentative date of closure is 26 October 2020.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, October 23 2020. 09:07 IST