New Delhi : Indian IT services firm Tech Mahindra on Monday informed the bourses that it has acquired 70% stake in Dublin (Ireland) based Perigord Asset Holdings Limited, a digital workflow and artwork, labelling and BPO services firm.
As pet the plan of acquisition, Tech Mahindra will pay EUR 21 million for acquisition of the 70% shares and balance 30% shares will be acquired in the next four years at a valuation linked to financial performance of the company. The all cash transaction is expected to be completed by 19th of March.
Perigord specializes in end to end, packaging supply chain solutions to the Life Sciences Industry such as Packaging artwork & Labelling Services, Strategic Consultancy, Creative and Digital, Strategic Outsourcing, managed Services and Software Solutions. Tech Mahindra Limited will acquire the Indian subsidiary of Perigord namely Perigord Data Solutions India Private Limited and Perigord Premedia (India) Private Limited. Mahindra Engineering Services (Europe) Ltd will acquire the other legal entities of Perigord.
This acquisition is expected to help Tech Mahindra to augment expertise in the global pharmaceutical, healthcare and life science (HLS) sectors.
“Healthcare and Life sciences (HLS) is a key vertical for Tech Mahindra and this acquisition will expand our footprint globally in these domains. Perigord’s disruptive proprietary platform and expertise in the artwork space and life sciences industry will add significant value to our offerings and capabilities. We welcome Perigord employees into the Tech Mahindra family and look forward to achieve great success together” said Vivek Agarwal, President — BFSI, HLS and Corporate Development, Tech Mahindra.