Tech Mahindra acquires Momenton and Tenzing to boost financial services biz1 min read . Updated: 27 Oct 2020, 03:58 PM IST
- Both organizations are expected to help Tech Mahindra enable digital capabilities, modern cloud-based architecture and transformation for customers in the Australia and New Zealand region in financial services and other sectors.
Bengaluru: IT services company Tech Mahindra on Tuesday said it acquired 100% equity in two companies—Momenton, a digital enterprise technology firm and Tenzing Ltd, a technology consulting firm. Both organizations are expected to help Tech Mahindra enable digital capabilities, modern cloud-based architecture and transformation for customers in the Australia and New Zealand region in financial services and other sectors.
The acquisition of Momenton, for $10.2 million, is expected to be completed by March 2021 while that of Tenzing, for $29.5 million, is expected to completed by November this year.
“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. This will significantly enhance our local presence in the markets, and the combination will create significant synergies and help in bringing next generation solutions to customers enabling them to run better, change faster and grow greater," said Vivek Agarwal, global head for healthcare and financial services, Tech Mahindra.
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.
Tenzing is a management and technology consultancy offering business strategy, insurance core system transformation, program management, target operating model design across industries and public sector organizations.
The acquisitions underline Tech Mahindra’s focus on digital growth under the TechMNxt charter, which focuses on leveraging emerging technologies and solutions for digital transformation.