Bangalore-Pune-based IT services major Tech Mahindra Ltd recently announced that it has acquired two companies – US-based Infostar LLC (Lodestone) and London-based We Make Websites Ltd (WMW) by Born London Limited for $105 million (Rs 789 Cr.), and £9.4 million (about Rs 97 Cr.) to respectively strengthen its digital portfolio.
Infostar LLC is a digital product engineering company that uses the technology platform LodeStone to offer end-to-end product and data quality assurance solutions. The company has more than 300 employees with a revenue of $43.3 million for the year ending December 30, 2020.
WMW is focused on website building and migration services on the Shopify Plus platform. Its acquisition will add to Tech Mahindra’s capabilities in the Experience Design pillar and help build an industry-leading Shopify practice.
“The acquisition will strengthen Tech Mahindra’s digital engineering capabilities to effectively utilize data strategy and address machine learning challenges. The strategic announcement will further enhance Tech Mahindra’s ability to provide product quality assurance across the hardware, software and data layers. The acquisition of Lodestone is in line with our strategy to strengthen digital capabilities and provide advanced and comprehensive transformation services to our clients globally. We Make Websites will add Tech Mahindra’s capabilities to the experience design pillar and help build an industry-leading Shopify practice. It will bring significant synergies to complement our domain expertise and drive growth to grow further,” said Vivek Agarwal, President – BFSI, HLS & Corporate Development, Tech Mahindra.
CP Gurnani, Managing Director and CEO, Tech Mahindra, said, “As we record our highest sequential growth in a decade, we are committed to delivering long-term sustainable and profitable growth for the company. We have strengthened across all key markets. We have seen traction as we invest in our digital capabilities through strategic partnerships”.
Tech Mahindra reported $1.47 billion in revenues for the quarter ending September, a growth of 6.4 per cent on a sequential basis. The company closed $750 million in net new deals.
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