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Tech Mahindra to acquire Beris Consulting for around 60 cr

IT company Tech Mahindra will acquire IT consultancy service provider Beris Consulting Gmbh for about 60 crore through its German subsidiary, the company said in a regulatory filing.

Beris has over 125 employees and the company had revenues of 10.1 million euros for the financial year ended December 31, 2020.

"The company through its wholly owned subsidiary viz., Tech Mahindra GmbH, approved the proposal to acquire 100 per cent equity shares in Beris consulting GmbH," the Tech Mahindra said in the filing.

The transaction is expected to close by October 8.

"The acquisition will help Tech Mahindra unlock the transformational growth in the IT and application space for the automotive industry as a result of EV, sharing and mobility.

"Enable Tech Mahindra to expand presence, local expertise and client relationships in the German market," the filing said.

On Friday, Tech Mahindra's stock has closed lower by 0.85% at 1,368.9 on NSE.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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