Tech Mahindra acquires CTC for €310 Million
2022-01-18![Tech Mahindra acquires CTC for €310 Million Tech Mahindra acquires CTC for €310 Million](https://varindia.com/storage/news/uploads/2018/02/61e6a4480925d.jpg)
Tech Mahindra has announced the acquisition of 100 percent stake in Europe-based Com tec Co IT (CTC) and 25 percent stake in two IT platforms for a total of 330 million euros, including earnouts and synergy linked payouts.
Mahindra is also investing another 20 million euros in acquiring 25 percent ownership in SWFT and Surance platform, which are part of the same founding group as CTC. Tech Mahindra said the acquisition will help scale its European presence, with over 700 IT professionals in contemporary technologies and processes.
The homegrown firm said the acquisition will enable it to expand its offerings to high-end digital engineering services for some of the largest insurance, re-insurance and financial services organizations in the world, scaling some of its offshoring efforts in India.
Vivek Agarwal, President - banking, financial services and insurance, HLS, and Corporate Development at Tech Mahindra, said, “The Insurance industry is currently undergoing a significant transformation which is driven by new emerging business models that are powered by disruptive digital technologies. In order to enable this digital transformation, we are investing in strengthening our capabilities to support insurers in accelerating their transition to cloud-based platforms and provide end-to-end engineering with a strong European nearshore presence.”
SWFT is a SaaS-based digital customer engagement platform, which is meant for digital brokers, price comparison websites and insurers who want to reach customers directly using digital channels. On the other hand, Surance is a personal cyber insurance solution that helps in vulnerability assessment, cyber protection, and cyber insurance coverage.
Avraham Shaked, Co-Founder of CTC, said, “Becoming a part of a global entity like Tech Mahindra will give us immediate access to global scale and create a tremendous growth and development opportunity for our people and the business.”
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