Tech Mahindra to acquire Thirdware Solutions in $42m deal
Tech Mahindra said that it will acquire Thirdware Solutions Limited, a Mumbai-based IT Services provider, for up to $42 million including earnouts.
Incorporated in 1995, Thirdware Solutions is an enterprise applications player focused in the areas of enterprise resource planning (ERP), business impact analysis (BIA), cloud and business technologies.
Thirdware Solutions provides consulting, design, implementation, and support of enterprise applications services with a focus on the automotive sector. Its FY22 turnover for the first 10 months starting from 1 April 2021 to 31 January 2022 was INR 2,2650 crores.
According to Tech Mahindra, the acquisition will strengthen its digital solutions and services in automotive consulting, design, development, and implementation in areas such as ERP, enterprise performance management (EPM), robotic process automation (RPA), and industrial Internet of Things (IIoT).
Furthermore, the capability of Thirdware Solutions to offer end-to-end implementations and worldwide rollouts of ERP solutions is expected to give an edge to Tech Mahindra in the manufacturing segment.
Tech Mahindra acquisition of Thirdware Solutions is expected to close by the end of May 2022.
Last month, Tech Mahindra said that it will acquire an 80% stake in Geomatic.ai, an Australia-based next-generation artificial intelligence (AI) firm.