Tech Mahindra acquires Momenton, Tenzing to up its game in ANZ
While Momenton will be acquired by March 2021 for $10.2 million, Tenzing will be acquired by November 30, 2020 for $29.5 million. Together, the company will be paying $ 39.5 million for the acquisition of the two companies.
IT Tech company Tech Mahindra on Tuesday announced that it would be acquiring Momenton and Tenzing Limited. The move will help the company to bolster its business in the Australia-New Zealand region also called ANZ while enabling digital capabilities, modern cloud-based architecture and transformation for customers in Financial Services and other sectors.
To give you a quick brief about the company, 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 Ltd, on the other hand, is a New Zealand-based management and technology consultancy offering business strategy, insurance core system transformation, program management, target operating model design across industries and public sector organizations.
Tech Mahindra said that it would be acquiring 100% equity in both the companies. As per a report by The Hindu, while Momenton will be acquired by March 2021 for $10.2 million, Tenzing will be acquired by November 30, 2020 for $29.5 million. Together, the company will be paying $ 39.5 million for the acquisition of the two companies.
“The addition of Momenton and Tenzing Ltd will further strengthen Tech Mahindra's position in the ANZ marketplace, especially in the Financial Services sector, enabling the organization to deliver comprehensive suite of technology, stronger onsite services and enhanced customer experience. Tech Mahindra through its distributed delivery model will enable Momenton and Tenzing Ltd to amplify and deliver a wider range of services to our combined customer base,” Jeff Ferdinands, Country Head – ANZ, Tech Mahindra said on the occasion.