Tech Mahindra to acquire stake in IoT-aaS provider AustinGiS
Tech Mahindra has agreed to acquire a stake of 13.8% in AustinGiS, an 5G services and Internet of Things (IoT)-as-a-service provider, for $1.25 million, through its subsidiary Tech Mahindra (Americas) Inc.
Based in the US, AustinGiS is said to specialize in providing a wholistic IoT-aaS solution offering. It was incorporated this year and is expected to earn $28 million in revenue in CY2021.
Tech Mahindra said that a stake in the IoT-aaS provider will help it develop new offerings in its loT/5G capabilities by opening up a robust ecosystem of partners specializing in 5G/loT technology.
Tech Mahindra to acquire stake in IoT-aaS provider AustinGiS. Image courtesy of Gerd Altmann from Pixabay .
The deal is anticipated to close by mid-September 2021.
In June, Tech Mahindra had announced the acquisition of New Jersey-based IT services company Brainscale for a price of up to $28.8 million.