Tech Mahindra, which is an IT services company, announced that they have acquired 100 percent equity of Momenton and Tenzing Ltd. Former is a digital enterprise technology firm whereas the latter is a technology consulting firm. 

With respect to the financial services and other sectors, both organizations are expected to help Tech Mahindra enable digital capabilities, modern cloud-based architecture and transformation for customers in the Australia and New Zealand region. 

For USD 10.2 million, Tech Mahindra is said to acquire Momentom by the end of March 2021. Also, Tenzing Ltd is said to be acquired by Tech Mahindra at USD 29.5 Million  

“The acquisition of Momenton and Tenzing Ltd, are in line with our strategy to strengthen our digital capabilities, and offer our clients end-to-end transformation services,” Vivek Agarwal, Head Corporate Development & Global Head for Healthcare and Financial Services, Tech Mahindra, said in a statement.

“We welcome the team of Momenton and Tenzing Ltd into the Tech Mahindra family, and look forward to creating and delivering enhanced customer experiences for our customers.”

“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,” said Jeff Ferdinands, Country Head – ANZ, Tech Mahindra.