Tech Mahindra to acquire 80% stake in Australian AI firm Geomatic.ai

Tech Mahindra said that its subsidiary Tech Mahindra (Singapore) has approved its proposal to acquire a stake of 80% in Geomatic.ai from the latter for AUD6 ($4.3) million in cash.

Geomatic.ai was incorporated earlier this month in Australia as a next-generation artificial intelligence (AI) firm. The company will focus on digital platforms led non-linear growth, in partnership with AusNet Services, an Australian energy delivery service business, which will hold the remaining 20% stake.

Geomatic.AI will be engaged in developing digital twins for linear assets by utilizing cloud, drone, and mobility technologies in the geospatial domain.

According to Tech Mahindra, AusNet Services will transfer the digital workforce, intellectual property (IP), assets, and client contracts to the newly created AI company.

Tech Mahindra stated: “This highly differentiated IP that Tech Mahindra gains will position it uniquely to deliver Drone Technologies, Digital Twins, Artificial Intelligence led services to linear asset intensive industries viz. Energy & Utilities, Transportation, Oil & Gas and Public Sector.

“Tech Mahindra intends to further enrich this IP and take it to the American and European geographies where it sees heightened demand for this digital platform offering.”

Last month, Tech Mahindra acquired Com Tec Co IT Ltd, a European IT solutions and service provider, for a price of €310 million.