Tech Mahindra inches up on acquiring Com Tec Co IT
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Tech Mahindra is currently trading at Rs. 1723.25, up by 1.60 points or 0.09% from its previous closing of Rs. 1721.65 on the BSE.
The scrip opened at Rs. 1741.80 and has touched a high and low of Rs. 1746.30 and Rs. 1720.00 respectively. So far 22649 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1837.75 on 30-Dec-2021 and a 52 week low of Rs. 915.05 on 26-Feb-2021.
Last one week high and low of the scrip stood at Rs. 1754.10 and Rs. 1696.80 respectively. The current market cap of the company is Rs. 167118.46 crore.
The promoters holding in the company stood at 35.67%, while Institutions and Non-Institutions held 52.75% and 11.59% respectively.
Tech Mahindra has acquired Com Tec Co IT (CTC) for 310 million euro including earnouts and synergy linked payouts. CTC is an IT solutions and service provider serving the insurance and financial services industries with development centres in Latvia and Belarus. The acquisition will enable Tech Mahindra to tap onto the potential industry disruption in the Insurance sector, expand its offerings to high-end digital engineering services for some of the largest insurance, re-insurance and financial services organizations globally and scale its nearshore delivery presence.
The company is also investing a cumulative amount of 20 million euro, in SWFT and Surance, for a 25% ownership in each of these two InsurTech ventures funded by the same founding group as CTC. SWFT is a SaaS-based digital customer engagement platform. It offers multiple functionalities for insurance sales & distribution and is designed for digital brokers, price comparison websites, and insurers wanting to directly reach their customers through digital channels. Surance is an end-to-end personal cyber insurance solution that focuses on vulnerability assessment, cyber protection, and cyber insurance coverage.
Through these investments, Tech Mahindra will bolster its global leadership and demonstrate its commitment in building differentiated capabilities for accelerating the digital transformation in the insurance, reinsurance, and financial services. CTC's expertise and experience in delivering marquee solutions for customers will complement Tech Mahindra's offering to provide end-to-end digital engineering, Artificial Intelligence, Machine Learning and DevSecOps capabilities. The acquisition will also help Tech Mahindra to scale its European presence with over 700 highly skilled IT professionals in contemporary technologies and processes.
Tech Mahindra represents the connected world, offering innovative and customer-centric information technology experiences, enabling Enterprises, Associates and the Society to Rise.
