Tech Mahindra to acquire Tenzing Group, Momenton for Rs 293 crore

IT company Tech Mahindra on Friday said it will acquire complete stake in New Zealand-based Tenzing Group and Australian IT firm Momenton for a cumulative amount of around Rs 293 crore. The company will acquire Auckland-headquartered consulting firm Tenzing Group for about Rs 218 crore and Melbourne-based cloud and engineering services firm Momenton for about Rs 75 crore.

“The acquisition of Momenton and Tenzing is in line with our strategy to strengthen our digital capabilities, and offer our clients end-to-end transformation services,” Vivek Agarwal, head (corporate development) and global head (healthcare and financial services) at Tech Mahindra, told PTI. He added that the entire team of both the companies will join Tech Mahindra.