Tech Mahindra acquires Comviva
2012-09-17Tech Mahindra Limited has acquired 51% stake on a fully diluted basis in Comviva Technologies Limited, a Bharti Group Company for a value of INR 260cr. The new brand identity will be Mahindra Comviva.
Vineet Nayyar, Executive Vice Chairman, Tech Mahindra said, “This acquisition is a significant step forward, in our vision of being a complete and comprehensive partner to our clients and like always, we are confident of making this a successful venture for our stakeholders. In addition to the market leading capabilities, this will also add to our relationship with large operator groups across the world.”
CP Gurnani, MD, Tech Mahindra said, “The world of mobility today encompasses wide range of solutions, where customers be it enterprise or consumers are driving their business and entertainment needs through mobility. This acquisition marks our strong intent and entry into the world of mobility products. We are adding significant capability in areas such as payments and VAS.”
Rakesh Bharti Mittal, Chairman, Comviva said, “Comviva has established itself as a gobal leader in mobile solutions beyond VAS within a short span and has built a solid foundation for the next phase of its growth. We believe that Tech Mahindra, with its deep domain expertise in IT and telecom technologies, is an ideal partner to guide the future growth story of Comviva. We will continue to support Tech Mahindra in their endeavour to take Comviva to the next level and wish them success.”
Manoranjan (Mao) Mohapatra, CEO, Comviva said, “The combined entity will bring end-to-end capabilities of products, system integration and services in the mobile VAS, money & payments space. Our enhanced customer experience management offerings will deliver greater value to all our existing customers globally, and provide opportunities for accelerated growth.”
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