Indian multinational technology company- Tech Mahindra has reportedly announced the purchase of 70% stake in Dublin-based labeling, digital workflow, and artwork, and Business Process Outsourcing (BPO) services company, Perigord Asset Holdings.
Citing reliable sources, Tech Mahindra will pay nearly Euro 21 million for the 70% share and the remaining 30% over the course of the next four years at a valuation based on the financial performance of the company.
Notably, the acquisition aims at helping Tech Mahindra to enhance their global healthcare, pharmaceutical, and life sciences sectors. This will support and improve the firm’s operations in the artwork and packaging domain along with an integrated platform and robust service portfolio.
For the record, Tech Mahindra will utilize Perigord’s expertise to enhance the efficiency and delivery of automation levers, across different sectors like medical devices, consumer-packaged goods, and over-the-counter products.
A part of the company’s long-term growth plan, this acquisition will help Tech Mahindra advance its presence across key markets in the US, Germany, Ireland, and India with an improved global delivery mechanism.
According to Vivek Agarwal, President of HLS, BFSI, and Corporate Development at Tech Mahindra, the healthcare and life sciences department has emerged as a key vertical for Tech Mahindra and through the acquisition, the company will expand its global footprint in these domains.
Vivek further mentioned that the proprietary platform and expertise of Perigord in the life sciences and artwork domain in this segment will add significant value to Tech Mahindra’s capabilities and offerings.
Seemingly, the transaction highlights Tech Mahindra’s goal towards digital growth, under its NXT.NOW framework that focuses on leveraging the next-gen technologies and offering disruptive solutions to allow digital transformation and meet the growing and changing customer needs.
Ritesh Idnani, President of Business Process Services at Tech Mahindra, was reportedly quoted stating that the purchase lies in the center of the company’s focus around platform-led Business Process as a Service expanding its global footprint and strengthening its offerings in the digital supply in the life sciences and healthcare market.