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On Tuesday by ET Bureau March 15, 2021, 10:19 AM IST, one of the well-known IT services firm Tech Mahindra said that it has acquired around 70% of the stake in Perigord Asset Holdings. It is a digital workflow and storm, labeling, and BPO services firm.
The major impact of this exclusively massive acquisition will be to augment expertise in the global pharmaceutical, healthcare, and life sciences (HSL) sectors of the marketplace. This will also strengthen the company’s presence in the artwork and packaging services space and other services portfolios.
-said by the Tech Mahindra in a statement
It has been stated that the company will pay Euro 21 million for about 70% stakes, and the remaining 30% over the next four years at a valuation linked to the firm’s financial performance.
The Perigord is a Dublin, Ireland headquartered firm having a rich goodwill in the market with revenues of around 19.5 million euros as of December 31, 2020, and operating with a team of approximately 380 employees.
It has been decided to leverage Perigord’s expertise and offerings to prolong capabilities towards delivering efficiency and automation tools across sectors, inclusive of consumer-packaged goods, over-the-counter products (OTC), medical devices, or tools.
The objective is to enable growth and scalability in the near future.
This acquisition is well thought, analyzed, and a part of Tech Mahindra’s long-term growth to build a presence across key markets in the United States, Ireland, Germany, and India with the power of intensified global distribution.
HLS is a key vertical for the company and this acquisition will extend its footprint globally in these dynamic domains. Perigord’s disruptive proprietary in the artwork space will add significant value to our offerings. We welcome Perigord employees into the Tech Mahindra family and look forward to achieving great success together.
-Vivek Agarwal, President of BFSI, HLS, and Corporate Development at Tech Mahindra
Reports say the firm expects to close this transaction by Friday, March 19, 2021, and to move further fast, so as to function in the same sector and plan out better functional strategies. There’s a lot more added by responsible positions holders about this acquisition, to justify and let people know the exact motive and idea behind this step.
“Life sciences is an emerging opportunity and this is a different sort of acquisition that they have made, added- “The good part about Tech Mahindra is that they have managed to absorb and observe their acquisitions very well over a time span of 12 to 18 months”. So, while this appears to be a good acquisition, I will await more details on the kind of customer they will cater to along with the financial opportunity that it presents.
Telephonic conversation between Avinash Gorakshakar of Profit Securities and BloombergQuint media person.
Lastly, Tech Mahindra shares ended around 2.3% higher at Rs 1,026.6 apiece- it is the highest in the last two months. The overall stock has gained four of the last five trading sessions. The Bloomberg data says- out of 47 analysts tracking the company, 39 have buy recommendation, five say a hold, and three recommend a sell.
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