Tech Mahindra, the IT services provider from the Mahindra & Mahindra Group, said it has purchased a US-based consulting and IT services provider for $125 mn or Rs 930 cr. The company has 660 employees, and the shares are being purchased from two entities, one in India and another in the US. Most of the […]
Tech Mahindra, an Indian IT and outsourcing player with a special focus on telecom and media, said it will invest up to $1.25 mln (Rs 8.8 cr) to secure a 13.8% stake in a US startup specializing in 5G and related technologies. “The investment will help Tech Mahindra develop new offerings in its loT/SG capabilities […]
A move away from traditional equipment vendors such as Ericsson and Huawei by telecom operators could open up a multi-billion dollar market for the likes of Tech Mahindra, Wipro, HCL Technologies, TCS and Infosys. Traditionally, telecom operators like Bharti Airtel and Vodafone Idea have almost completely outsourced the construction and management of their networks to […]
Tech Mahindra, one of India’s to six IT service providers, said it has invested $3 million, around Rs 23 cr, in a fast-growing tele-medicine start-up based in Plano, Texas. The Indian company, which gets a 6% stake in exchange for the investment, has an option of raising its stake to 14% by January 2021 by […]
IT company Tech Mahindra Ltd said that it has acquired 18.1% stakes in each of two India-based logistics and asset tracking firms – Infotek Software and Systems Pvt Ltd and Vitaran Electronics Pvt Ltd. With the acquisitions, worth Rs 130 million, the company aims to leverage the presence of the companies in the Radio frequency […]
IT services company Tech Mahindra reported a 13% sequential jump in its net profit despite modest growth, after it was able to keep costs almost static. Revenue in rupee terms rose 2.2% on quarter. Translated to dollars, it was up 2.5%. Year on year, revenue was up 2.9% in rupee terms and 8.3% in dollar […]
IT services provider Tech Mahindra Ltd reported a 3.7% sequential jump in Q2 revenue and a 4.7% jump in net profit. Revenue increased to Rs 7,606 crore, up 6.1% YoY, while net profit increased to Rs 836 crore, up 29.7% YoY. Revenue in dollar terms was up 3.6% QoQ at $1,179.2 mln; up 10.0% YoY. […]
The Maharashtra unit of Forum for IT Employees said 13 disputes over forced resignations and layoffs at IT organizations have been moved to the labor courts after failed mediation attempts by state labor authorities. 11 of the 13 cases were filed by employees of Tech Mahindra, and one each by those of Wipro and Vodafone, […]
Tech Mahindra said its revenue fell 0.8% quarter on quarter in the three months ended March to Rs 7,495 crore, while net profit fell 31% to Rs 588 cr. In dollar terms, revenue rose 1.3% quarter on quarter and in constant currency terms, it was up 0.9% QoQ. In dollar terms, operating profit fell 22% […]
IT services provider Tech Mahindra opened a new facility in Dublin, Ireland to focus on emerging technologies such as Robotics and Automation, Business Analytics, Cloud Infrastructure and Digital Services. The new centre would employ around 150 engineers over the next three years and will help the company deliver technology services to clients in Ireland as […]
Tech Mahindra said UK’s Financial Conduct Authority approved its acquisition of Target Group, a financial services outsourcing and software provider. The transaction, announced on 27th May, will see the current management team remain in the business, ensuring continuity and acceleration of the Target groupś growth strategy. Target’s previous parent was Pollen Street Capital. Target Group […]
Tech Mahindra Ltd said it will partner with Ontario-based local distribution company, Niagara-on-the-Lake Hydro, San Diego Gas & Electric (SDG&E), SAP Canada and Nissan Canada for developing an Intelligent Electric Vehicle Charging System (IEVCS). This project is sponsored by Canada’s Ministry of Energy and funded in part through the Ontario Smart Grid Fund initiative. Tech […]
Tech Mahindra said it has signed an agreement with BASF Business Services Holding, a unit of German chemical giant BASF, to acquire its business with third party customers. “This includes the 100%-owned subsidiary BASF Business Services Consult GmbH, based in Hamburg. BASF Business Services Holding GmbH will in future focus on providing information services, supply chain […]
