Zensar to acquire US-based digital engineering firm M3bi

RPG company Zensar Technologies has entered into a definitive agreement to acquire M3bi, a Arizona-based data and digital engineering firm.

Zensar Technologies Ltd will acquire the entire share capital of M3bi Private Limited (“M3bi India”), and its wholly owned subsidiary, Zensar Technologies Inc., will acquire the entire share capital of M3bi LLC. This acquisition will be completely funded by internal accruals, the company said in a filing.

The transaction entails an “aggregate upfront payment of $21.60 million and performance-based deferred payments over 36 months not exceeding $9 million”. The deal is expected to close on or before August 31, 2021 or upon fulfilment of closing conditions, whichever is earlier.