IT major Tech Mahindra on Tuesday said it has acquired Melbourne-based digital enterprise technology firm Momenton and New Zealand-based Tenzing Ltd., a technology consulting company. The acquisition of Tenzing will cost the company approximately Rs 217.3 crore, while the Momenton deal will cost around Rs 75 crore.
Tech Mahindra said it has acquired 100% 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.
"The acquisition of Momenton and Tenzing Ltd, are in line with our strategy to strengthen our digital capabilities, and offer our clients end-to-end transformation services," Vivek Agarwal, Head Corporate Development & Global Head for Healthcare and Financial Services, Tech Mahindra, said in a statement.
"We welcome the team of Momenton and Tenzing Ltd into the Tech Mahindra family, and look forward to creating and delivering enhanced customer experiences for our customers."
Momenton is a Melbourne-based digital enterprise technology firm offering 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.
Headquartered in Auckland, New Zealand, Tenzing Ltd., 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.
"The addition of Momenton and Tenzing Ltd 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," said Jeff Ferdinands, Country Head - ANZ, Tech Mahindra.