The transaction deal has been set at USD 33 million, with $9 million to be paid over the next three years
Pune-based software company, Zensar Technologies, a subsidiary of RPG Group, is all set to welcome onboard the team of M3bi to its holistic IT services enterprise. It has been reported that the transaction deal for the agreement has been finalized at $33 million, of which USD 9 million would be paid over the span of three years based certain performance goals.
Speculations have it that the acquisition would help Zensar reinforce its new strategy and growth plans with data and analytics being the critical growth drivers.
Apparently, the acquisition is expected to be funded by internal accruals. In fact, post-acquisition, M3bi would continue to be managed and led by cofounders Suresh Potluri and Anir Khandekar.
Speaking on the latest acquisition, Harsh Goenka, RPG Enterprises and Zensar Chairman, cited that the recent deal provides Zensar access to Fortune 500 customers, mainly in the BFSI sector. Moreover, it is also likely to pave way for the growth opportunities to cross-sell services.
Meanwhile, Zensar CE, Ajay S Bhutoria quoted that data analytics and engineering, and advanced engineering form key strategic growth opportunities for the company.
Besides, with the addition of M3bi’s capabilities, the firm is looking forward to expanding its offerings in the BFSI space to address the business-critical needs of its clients and customers.
For the record, M3bi boasts of a strong client base in North American markets. Importantly, it had posted a revenue of $26.75 in 2020. The company, with two delivery centers in India, has around 445 employees.
It was mentioned in a press release that M3bi is well-known for delivering information technology services, digital engineering services such as user experience, and UI development, and big data and data warehousing.