Pune: IT services and consulting firm Tech Mahindra announced it has acquired Allyis India and Green Investments for $125 million in an all-cash deal. These are the holding companies for Allyis Group, a Seattle, USA headquartered company. It has over 600 employees and posted revenues of $39.6 million for the year ended December 2020.
In a statement to the exchanges, Tech Mahindra said that the acquisition would bolster its capabilities in digital experience solutions, learning & development, marketing, instructional design, engineering: cloud and automation, BI & analytics and technical support services.
“In past nine months Tech Mahindra has done eight capability led acquisitions in areas such as digital experience solutions, digital transformation for BPO, Hybrid cloud and Devops, CX, consulting capabilities in EV, Mobility space etc.,” said Prabhudas Lilladher in a note.
“Tech Mahindra will pay total consideration of up to $125 million including employment-related and performance-related earnouts. These values target entity at 3.2x EV/Sales on CY20 turnover of USD 39.6 million,” said Aniket Pande and Aditi Patil in the note.
Earlier this month, the company had announced the acquisition of Activus Connect, an IT services firm for $62 million.