your password has been reset successfully, Please login again.

Tech Mahindra Plans to Buy Born Group and Its Indian Subsidiaries

Tech Mahindra recently proclaimed that the company has decided to buy Born Group Pte. Ltd and its Indian subsidiaries to improve its consulting abilities. 
BY BEx Bureau
BusinessEx
Nov 06, 2019

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.

Please add your Comment
SIMILAR News
November 22, 2019
Online ed-tech startup, Azent Overseas Education Ltd has reportedly bought AI-based student admissio ...More
By Jaspreet Kaur
November 18, 2019
As per the deal, Centrum MicroCredit will procure entire portfolio of the acquiring firm, Altura and ...More
By Jaspreet Kaur
November 13, 2019
The telecom firm, R-com’s valuation has surged by over 50 per cent from INR 6,000 crore that was dem ...More
By Jaspreet Kaur
November 08, 2019
Mitrata renders credit facility mainly to the women demographic in Indian rural regions to economica ...More
By Jaspreet Kaur
October 09, 2019
This will also aid in delivering substantial synergies for expanding its lamp business and product o ...More
By Jaspreet Kaur
September 24, 2019
Rebel Foods Pvt. Ltd. essentially operates online kitchen firms such as Behrouz Biryani and Faasos. ...More
By Jaspreet Kaur
September 18, 2019
With this acquisition, Havas Group, advertising and PR company, makes its second bet in India. ...More
By Jaspreet Kaur
September 13, 2019
 HUL is in talks with the promoters of Dinshaw’s to strike an all-cash deal of INR 1,000 crore. ...More
By Jaspreet Kaur
September 05, 2019
The Indian firm, TIW Private Equity has bought a majority share in Mumbai-headquartered firm, Digita ...More
By Jaspreet Kaur
September 03, 2019
The primary capital contribution by kitchen appliance manufacturer will be nearly INR 10.9 crore. ...More
By Jaspreet Kaur
August 29, 2019
After the transaction, LGT’s investments will be rebranded with the new name, LGT Lightstone Aspada. ...More
By Jaspreet Kaur
August 27, 2019
According to media reports, WestBridge has infused INR 222.6 crore whereas Nexus Venture Partners ha ...More
By Jaspreet Kaur