The transaction entails an aggregate upfront payment of $21.60 million & performance-based deferred payments over 36 months not exceeding $9 million.
RPG company Zensar Technologies has entered into a definitive agreement to acquire M3bi, a Arizona-based data and digital engineering firm.
Zensar Technologies Ltd will acquire the entire share capital of M3bi Private Limited (“M3bi India"), and its wholly owned subsidiary, Zensar Technologies Inc., will acquire the entire share capital of M3bi LLC. This acquisition will be completely funded by internal accruals, the company said in a filing.
The transaction entails an "aggregate upfront payment of $21.60 million and performance-based deferred payments over 36 months not exceeding $9 million". The deal is expected to close on or before August 31, 2021 or upon fulfilment of closing conditions, whichever is earlier.
In particular, M3bi will augment Zensar's thrust in data engineering, analytics, artificial intelligence, machine learning and advanced engineering services.
The acquisition will add marquee clients to Zensar's portfolio in banking, financial services and insurance (BFSI) and other verticals, allowing both companies to jointly drive an expanded set of offerings to global firms. One of the key tenets of Zensar's strategy involves offering depth and scale in areas of digital engineering, data and analytics, the core offerings of M3bi.
Commenting on this acquisition, Harsh Goenka, Chairman of RPG Enterprises and Zensar Technologies, said, “We are reinforcing our strategic growth charter with the acquisition of M3bi. Our acquisitions in recent years have enhanced our competitiveness, bringing value to our customers. The team steered by Anir and Suresh brings a combination of capabilities and strong client relationships to our fold."
M3bi was founded in 2010 and is headquartered in Scottsdale, Arizona in the US. M3bi has 445 professionals across the US and India. M3bi provides information technology services, including data engineering, business intelligence and analytics, data warehousing and big data, and digital engineering services, including mobile and user experience and user interface development.