IT services company Tech Mahindra announced on March 12 that it will be acquiring 100 percent equity shares in Mumbai-based Thirdware Solutions in an all-cash deal for a total consideration of up to $42 million including earnouts. The transaction is expected to conclude by May 31, 2022.
Thirdware, an IT services company that focuses on ERP, BIA, Cloud, and business technologies, has over 850 employees. It specialises in delivering industry-specific technological expertise through a range of services spanning business applications consulting, design, implementation and support, with a focus on the automotive industry.
The company was incorporated in 1995 and its turnover stood at Rs 210.62 crore in FY21 and at Rs 226.5 crore for the first ten months of FY22 till January 31.
Tech Mahindra said in a BSE filing: “The acquisition will bolster Tech Mahindra’s digital solutions and services in automotive consulting, design, development, and implementation in areas like ERP (Enterprise Resource Planning), EPM (Enterprise Performance Management), RPA (Robotic Process Automation), and IIoT (Industrial Internet of Things). Thirdware's capability to provide end-to-end implementations and global rollouts of ERP solutions will give Tech Mahindra an edge in the manufacturing space.”
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