Tech Mahindra acquires Thirdware Solutions for $42 million

Tech Mahindra is acquiring IT services company Thirdware Solutions in an all cash deal for consideration of up to $42 million, including earnouts.

The transaction to acquire 100% of the shares in the Mumbai-based enterprise applications global player is expected to be completed by May 31, Tech Mahindra said in a filing filed on Saturday.

Thirdware employs more than 850 people and provides consulting, design, implementation and support of enterprise applications with a focus on the automotive industry. Revenue of £210.6m was recorded for 2020-21. In the first 10 months of the current financial year, revenues were ₹226.5 crore.

The acquisition will strengthen Tech Mahindra’s digital solutions and services in automotive consulting, design, development and implementation in areas such as ERP, Enterprise Performance Management, Robotic Process Automation and Industrial Internet of Things. According to Tech Mahindra, Thirdware’s ability to provide end-to-end implementations and global rollouts of ERP solutions will give the company an advantage in the manufacturing space.

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