Tech Mahindra announced on Friday that it has approved a proposal to acquire a 100% stake in Allyis India Private Limited and Green Investments for $ 125 million (approximately 930 crores) in a fully cash transaction.
Allyis India is headquartered in Seattle, USA and has over 660 employees. Most of the top management of the company are Indians, and it also has a large employee base in India.
The company approved a proposal to acquire a 100% stake in Allyis India Private Limited and a wholly owned subsidiary of Tech Mahindra (Americas) Inc. has approved a proposal to acquire 100% of the shares in Green Investments LLC, a holding company for the Allyis Group (collectively called Target), ”Tech Mahindra said in a regulatory submission.
For the fiscal year ending December 31, 2020, the company’s revenue was $ 39.6 million. The application further states that Tech Mahindra will “pay a total compensation of up to $ 125 million, including earnings related to employment and performance.”
The company said the acquisition will strengthen Tech Mahindra’s capabilities in digital experience solutions: learning and development, marketing, instruction design; engineering: cloud and automation, BI and analytics, technical support services.
Allyis India Pvt Ltd was established in 2018 while Green Investments LLC was established in 2013.
Total turnover in the last three years for the two entities was $ 39.6 million in CY20, $ 34 million in CY19 and $ 31 million in CY18. Turnover in CY21, for the first 11 months, starting January 1, 2021, and November 30, 2021, was $ 45.7 million.