Tech Mahindra Ltd arm to acquire Orchid Cybertech Services, Inc

Tech Mahindra Limited, through its wholly owned subsidiary viz., vCustomer Philippines Inc. has today i.e. February 20, 2024 at 05:55 a.m. (IST), approved the acquisition of 100% equity shares in Orchid Cybertech Services, Inc, ("OCSI") and executed the relevant transaction documents.

Orchid Cybertech Services Inc. (OCSI) provides Customer experience related services to TPG Telecom. It has about 2,950 full time employees. The turnover of OCSI for the FY ended on July 31, 2023 was US$37.3 Mn.

Tech Mahindra has long standing relationship with TPG Telecom (TPG). This deal further strengthens the relationship with TPG and aids in expanding existing customer experience capabilities and business in the Philippines. Acquisition of OCSI will facilitate this transition and enable incremental revenue to be realized. As part of this transaction OCSI, including its assets and employees, will become part of Tech Mahindra and Tech Mahindra will provide customer support and other services to TPG.

The Cost of acquisition is AUD 5 Million.

Shares of Tech Mahindra Limited was last trading in BSE at Rs. 1309.20 as compared to the previous close of Rs. 1303.25. The total number of shares traded during the day was 84593 in over 4101 trades.

The stock hit an intraday high of Rs. 1317.90 and intraday low of 1287.60. The net turnover during the day was Rs. 110415708.00.

Source : Equity Bulls

Keywords

TechMahindra INE669C01036 vCustomerPhilippinesInc Acquisition OrchidCybertechServicesInc