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India's Tech Mahindra Buys Controlling Stake in Comviva Technologies
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India's Tech Mahindra is buying a 51% stake in the mobile VAS provider, Comviva Technologies for INR 260cr (US$48 million). The company was a Bharti Group subsidiary.
The company will be rebranded as Mahindra Comviva once the deal is completed.
As part of this arrangement, Tech Mahindra will make an upfront payment of INR 125cr towards the stake acquired and the balance amount of INR 135cr will be paid out over a period of five years based, on Comviva achieving mutually agreed performance targets. The Bharti Group will continue to hold a 20% stake.
This acquisition dovetails into two of Tech Mahindra's stated strategies, namely investing in emerging areas such as Network, Mobility, Analytics, Cloud and Security and further focus on non-linear growth. Comviva's primary focus and business model is expected to strengthen this aspiration.
Founded in 1999 as Bharti Telesoft, Comviva has offices in South Africa, Dubai, Singapore, Thailand, the UK and the USA.
Tags: [tech mahindra] [comviva technologies] [India]
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