Tech Mahindra recently proclaimed that the company has decided to buy Born Group Pte. Ltd and its Indian subsidiaries to improve its consulting abilities.
It will acquire New York-headquartered Born Group for an enterprise value of $95 million (Rs 671.5 crore). Of this, $25 million will be linked to the achievement of financial targets for the year ending December 31, 2019, VC Circle reported citing the software services companys statements in a stock-exchange filing.
In 2018, Born Group has earned $50 million in revenue whilst, it earned $39 million in 2017 and $36 million in 2016.
The all-cash transaction is likely to be completed by November 15, 2019, Tech Mahindra said in an interview with the cited media agency.
Digital continues to be the central theme of our acquisition strategy, Vivek Agarwal, head of corporate development and portfolio companies at Tech Mahindra, said in an interview with the cited media agency.
The acquisition of Born Group will assert our leadership in the rapidly growing electronic and mobile commerce segment globally, and equip us to deliver enhanced user experience to our customers globally, Agarwal added.
In this transaction, Avendus Capital worked as an exclusive advisor to Born Group.