Tech Mahindra acquires European firm CTC for 310 million euros

New Delhi: IT company Tech Mahindra on Monday announced acquisition of 100 per cent stake in Europe-based Com tec Co IT (CTC) and 25 per cent stake in two IT platforms for a total of EUR 330 million (about Rs 2,800 crore). The company said the acquisitions will strengthen its digital engineering and insurance technology […]

New Delhi: IT company Tech Mahindra on Monday announced acquisition of 100 per cent stake in Europe-based Com tec Co IT (CTC) and 25 per cent stake in two IT platforms for a total of EUR 330 million (about Rs 2,800 crore).

The company said the acquisitions will strengthen its digital engineering and insurance technology businesses.

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The acquisition of CTC is the second-largest acquisition that the company has made after scam-hit Satyam in April 2010.

Tech Mahindra said that it has acquired Com Tec Co IT (CTC) for 310 million euros (around Rs 2,628 crore), including earnouts and synergy linked payouts.

Tech Mahindra is also investing another 20 million euros in acquiring 25 per cent ownership in SWFT and Surance platform– which are part of the same founding group as CTC.

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