Info-tech

Tech Mahindra acquires digital entities in Australia, New Zealand

Our Bureau Mumbai | Updated on October 27, 2020 Published on October 27, 2020

$39. 7-million acquisition of Momenton, Tenzing expected to boost IT firm’s financial services vertical in ANZ region

Tech Mahindra has announced the acquisition of Melbourne-based Momenton, a digital enterprise technology firm, offering consultancy and implementation services, and Tenzing Ltd, a technology consulting company based in Auckland, New Zealand, for a combined $29.7 million.

While Tenzing will be acquired by November 30, 2020 for $29.5 million, Momenton will be acquired for $10.2 million by March 2021.

Also read: Tech Mahindra Q2 net down 5.2% to ₹1,064 crore

Tech Mahindra has acquired 100 per cent equity in both the organisations, and together they will enable digital capabilities, modern cloud-based architecture and transformation for customers in the ANZ (Australia and New Zealand), in financial services and other sectors.

Vivek Agarwal, Head Corporate Development & Global Head for Healthcare and Financial Services, Tech Mahindra, said: “The acquisition of Momenton and Tenzing are in line with our strategy to strengthen our digital capabilities, and offer our clients end-to-end transformation services. This will significantly enhance our local presence in the markets, and the combination will create significant synergies and help in bringing next generation solutions to customers enabling them to run better, change faster and grow greater.”

Also read: Tech Mahindra sells stake in Altiostar Networks to Rakuten

Jeff Ferdinands, Country Head – ANZ, Tech Mahindra, said: “The addition of Momenton and Tenzing will further strengthen Tech Mahindra’s position in the ANZ marketplace, especially in the financial services sector, enabling the organisation to deliver comprehensive suite of technology, stronger onsite services and enhanced customer experience. Tech Mahindra, through its distributed delivery model, will enable Momenton and Tenzing to amplify and deliver a wider range of services to our combined customer base.”

Momenton offers consultancy and implementation services in enterprise agility, product enablement, engineering and emerging technology to clients across industries with advanced capabilities in digital engineering and cloud native architectures.

Tenzing is a management and technology consultancy offering, business strategy, insurance core system transformation, programme management, target operating model design across industries and public sector organisations.

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Published on October 27, 2020
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