Tech Mahindra on 10 January 2015 signed definitive agreement to acquire the Swiss firm SOFGEN Holdings Limited. Company did not disclose the details of the deal.
The deal is aimed at boosting the financial services offering by Tech Mahindra so as reach the top line target of 5 billion US dollar by 2015.
With this acquisition, Tech Mahindra will have the capability to offer a unique combination of change the bank and run the bank services to retail banking, private banking and wealth management customers globally.
This is the third deal Tech Mahindra has struck since November 2014. In November 2014, it had announced the acquisition of Lightbridge Communications for 240 million US dollar. In first week of January 2015, it formed a joint venture with Avion Systems, in which it will hold a minority stake.
SOFGEN offers solutions related to core banking. It has the second largest pool of Avaloq consultants globally and is Temenos’ most prolific partner. It has offices in Geneva, Chennai, Singapore, London and New York and it employs 450 people.
The Chairman of the SOFGEN is Alexander Dembitz.
CP Gurnani is Managing Director (MD) and Chief Executive Officer (CEO) of Tech Mahindra.
Who: Tech Mahindra
When: 10 January 2015