IT giant Tech Mahindra has acquired 80% stake in Geomatic.AI, an artificial intelligence company based out of Australia, through its Singapore-based subsidiary for Rs 32 crore.
“As part of this deal, Tech Mahindra will have 80 per cent shareholding in Geomatic.AI for consideration of Australian dollar 6 million. Ausnet will have 20 per cent shareholding and transfer digital workforce, intellectual property, assets and client contracts to the newly formed entity,” the company said in a regulatory filing.
Tech Mahindra intends to create a next-generation artificial intelligence company.Geomatic.AI will continue its focus on digital platforms led non-linear growth, in partnership with AusNet Services, an Australian Energy & Utilities distributor. At the same time, the company will also build digital twins for linear assets leveraging Cloud, Drone and Mobility technologies in the Geospatial domain. Geomatic.AI was part of AusNet Services, an Australian Energy Company prior to getting acquired by Tech Mahindra.
The highly differentiated IP that Tech Mahindra gets as part of the acquisition will position it uniquely to deliver Drone Technologies, Digital Twins, Artificial Intelligence led services to linear asset-intensive industries viz. Energy & Utilities, Transportation, Oil & Gas and Public Sector. Tech Mahindra intends to further enrich this IP and take it to the American and European geographies.