Tech Mahindra to pick 70% stake in Cerium Systems

New Delhi: IT services major Tech MahindraNSE -1.56 % on Friday said it will acquire 70 per cent stake in Bengaluru-based Cerium Systems at an enterprise value of up to Rs 245 crore.

The acquisition will boost Tech Mahindra’s Engineering Services practice in VLSI (Very Large Scale Integration) and Embedded Software, Tech Mahindra said in a statement.

“We continue to invest in niche digital assets complementing our service offerings. Cerium provides cutting edge solutions with a strong foothold in global semiconductor industry,” Tech Mahindra Head of Corporate Development and Portfolio Companies Vivek Agarwal said.