Tech Mahindra Limited to acquire Beris consulting GmbH

Tech Mahindra Limited through its wholly owned subsidiary viz, Tech Mahindra GmbH approved the proposal to acquire 100% equity shares in Beris consulting GmbH ('Beris').

The target entity is Beris consulting GmbH ('Beris'). The company is headquartered in Wolfsburg Germany. Beris is an IT consultancy service provider with a strong domain expertise in the automotive industry in Germany with experience in niche techno-domain areas of CX, Aftermarket, Mobility and sharing. It was incorporated in 2013. The company has about 125+ employees. For the financial year ending 31st December, 2020, the company delivered revenues of EUR 10.1 million.

The cost of acquisition is EUR 7 million including earn outs.

The acquisition will help Tech Mahindra unlock the transformational growth in the IT and application space for the automotive industry as a result of EV, Sharing & Mobility. Enable Tech Mahindra to expand its presence, local expertise and client relationships in the German market targeting the CX-Aftermarket business areas for IT applications digitization.

Shares of Tech Mahindra Limited was last trading in BSE at Rs. 1371.6 as compared to the previous close of Rs. 1380.95. The total number of shares traded during the day was 244615 in over 10226 trades.

The stock hit an intraday high of Rs. 1383.85 and intraday low of 1365. The net turnover during the day was Rs. 336557077.

Source : Equity Bulls

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