Info-tech

Tech Mahindra to acquire US firm Eventus Solutions for $44 million

Our Bureau Mumbai | Updated on April 26, 2021

Q4 consolidated net rises 34.6%

Making its fourth deal this year, Tech Mahindra has entered into an agreement to acquire US-headquartered consulting and technology service company Eventus Solutions Group for $44 million (about ₹321 crore), which includes earnout payments. Separately, the IT major posted a consolidated net profit of ₹1,081.4 crore for the fourth quarter ended March 31, a 34.6 per cent rise from ₹803.9 crore recorded during the same period a year ago.

All-cash deal

“This is an all-cash deal, and Eventus brings in capabilities around consulting, cloud adoption, cloud transformation in the contact centre space, which are the capabilities we have across a lot of our service lines. This adds consulting capabilities in the Business Process Services and contact centre space,” Tech Mahindra Chief Financial Officer Milind Kulkarni said.

While the company posted an increase in net profit for fourth quarter, it fell 17.4 per cent on a sequential basis from ₹1,309.8 crore posted in the third quarter ended December 31, 2020. The company’s revenue rose to ₹9,729.9 crore from ₹9,490.2 crore recorded in fourth quarter of previous financial year.

For the financial year ended March 31, Tech Mahindra posted a net profit of ₹4,428 crore (₹4,033 crore in FY20) on revenues of ₹37,855.1 crore (₹36,867.7 crore).

 

 

Published on April 26, 2021

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