IT Major To Acquire 100% Stake In US Based Group

Tech Mahindra announced on Friday that it has approved a proposal to acquire 100% equity in Allyis India Private Limited. The company's wholly-owned subsidiary, Tech Mahindra (Americas) Inc, approved the proposal to acquire 100% equity shares in Green Investments LLC.

Allyis India Pvt Ltd and Green Investments LLC, the holding company for Allyis Group headquartered in Seattle, USA, has over 660 employees. The company's revenue for the financial year ended 31st December 2020 was $39.6 million.

IT Major-Tech Mahindra will pay total consideration of up to $125 million, including employment-related and performance-related earnouts.

"The acquisition will bolster Tech Mahindra's capabilities in Digital Experience Solutions: Learning & Development, Marketing, Instructional Design; Engineering: Cloud & Automation, BI & Analytics, Technical support services," the IT giant said in an exchange filing today.

Technology consulting and managed services from Allyis help organizations reduce costs, improve performance, and meet their unique goals. The last three years' total turnover for the two entities is CY20: $39.6 million, CY19: $34 million, and CY18: $31 million.