PE Fund Investments
Tech Mahindra buys European tech firm CTC for $354-M, To invest $23-M more in group firms of the ta
Publicly listed, Pune-headquartered IT Services firm Tech Mahindra Ltd, through its wholly owned subsidiary Tech Mahindra London Ltd, is to acquire 100% equity shares in Com Tec Co IT Ltd (CTC) and 25% each in insurtech startups Swift and Surance (which are both SaaS ventures promoted by the founder group of CTC). Tech Mahindra will pay EUR 310 million (approx USD 354 million), including earnouts, for the CTC acquisition, EUR 16.5 million (approx USD 19 million) for the investment in Swift and EUR 3.5 million (approx USD 4 million) for the investment in Surance. Headquartered in Europe with more than 720 employees, CTC is a specialized digital engineering and outsourced product development organization. It serves the insurance and financial services industries with development centers in Latvia and Belarus. For fiscal ended December 2020, it posted a revenue of EUR 71.3 million and for the 9 months ended September 2021, it had reported revenue of EUR 58.8 million.
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