The Indian technology services company Tech Mahindra Ltd is planning to acquire US-based Zen3 Infosolutions along with its Indian unit for about $64 million (Rs 460 crore).
Tech Mahindra spoke about the deal in a stock-exchange filing, and the company will be initially paying $42 million at the time of closing the deal and another $22 million over a period of three years based on the American company’s performance.
The US-based Zen3 infosolutions headquartered in Seattle is a software solutions group focusing on areas like software product engineering, DevOps testing, machine learning, AI and analytics. It has more than 1,300 employees spread across offices in Seattle, Dublin, Hyderabad, Vishakhapatnam, and Bengaluru.
Tech Mahindra spokesperson Vivek Agarwal stated: “The acquisition of Zen3 Infosolutions is in line with our strategy to build new capabilities. It has expertise in artificial intelligence, machine learning, annotations, cloud engineering, etc which are a high growth area.”
He also said that the American company can be utilized by Tech Mahindra for developing various voice-based applications, autonomous cars, etc. Tech Mahindra will acquire 100 percent stake in the company for $64 million. The Indian software giant expects to close the deal in an all-cash transaction by April 1, 2020.
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