New Delhi, May 27 (IANS) Tech Mahindra on Friday said its board has agreed to enter into an agreement to acquire Target Group, a processing platform company in Britain.
The transaction is expected to close in the second quarter of 2016-17, subject to the receipt of regulatory approvals, it said in a BSE filing.
As a part of the agreement, Tech Mahindra has agreed to purchase 100 percent of the shares of Target Group, which will remain a standalone entity retaining its existing brand.
The acquisition will strengthen Tech Mahindra’s banking, financial services and insurance (BFSI) practice by access to internet protocol (IP) and a platform that will help automate end-to-end processes in the lending, investments and insurance market.
“The acquisition is in line with Tech Mahindra’s strategy of expanding its Fintech capabilities and adding IP and platforms to drive non linearity and play aggressively in the BFSI sector,” the statement said.
It, however, did not mention any acquisition value.
Headquartered in Britain, the Target Group has 740 employees, and a client franchise, including leading financial institutions such as Goldman Sachs, Morgan Stanley and Credit Suisse. It had revenues of 51 million pounds in 2015.