Tech Mahindra acquires UK-based BIO Agency
The Dollar Business Bureau Tech Mahindra announced Wednesday it has acquired UK-based BIO Agency in an all-cash deal for an enterprise value of up to £45 million. “The consideration is the enterprise value of £40 million pounds plus surplus cash not exceeding £5 million at the completion date. The payment of £22 million and the surplus cash will be made upfront and the balance as deferred payments based on company performance,” said Tech Mahindra in a statement. Tech Mahindra would acquire 100% shares in BIO. The transaction is expected to close in July 2016. “This acquisition brings forth a synergy that will bring in more clients for BIO globally (especially in Europe and the US), scaling their offering geographically and enabling new services and ...
Mahindra to acquire Italian car designer company
The Dollar Business Bureau Indian automobile major Mahindra & Mahindra along with the group’s IT solution arm Tech Mahindra has entered into an agreement to acquire Italian car designer company Pininfarina. The acquisition process will be carried out through a joint venture company in which Tech Mahindra will have 60% share and M&M will hold 40%. “As per the agreement, Tech Mahindra and M&M shall purchase 76.06% of Pininfarina shares from the current controlling shareholder Pincars S.R.L. at a price of Euro 1.1 per share,” the Mahindra Group said in a statement on Tuesday. The Italian firm has crafted models for popular car makers like Ferrari, Maserati, and Rolls Royce, besides designing high-speed trains, buses, trams, rolling stocks, and automated ...
Smaller cities emerge as India's new software export hubs
Sisir Pradhan | @TheDollarBiz Major software companies in India are increasing their presence in smaller cities and smaller states in a bid to reduce operational costs and improve profit margins. According to the Software Technology Parks of India (STPI), India's total software exports stood at around Rs.251,497 crore in FY2012-13. While IT cities like Bengaluru and Hyderabad remain leaders, software export from cities like Pune has registered a steady growth in recent years. Software export from Pune has increased to around Rs.29,500 crore in FY2012-13, which is almost 60% of total software export of around Rs.50,000 crore from Maharashtra that year. Software export from other smaller cities like Nagpur, Kolhapur, Nasik and Aurangabad has helped Maharashtra become the ...
