Tech Mahindra CEO CP Gurnani had said that the company would remain on the lookout for acquisitions that would bring specific skills and capabilities to the company.
Tech Mahindra announced that it would be acquiring an 18.1 per cent stake in Infotek Software and Systems and Vitaran Electronics for up to Rs 13 crore. These would be cash transactions, said the company in a BSE filing.
Immediate plans
Tech Mahindra intends to leverage the presence of the companies in the radiofrequency identification (RFID) space in building a strong footprint in the asset monitoring, tracking and automated billing solutions space. The investment will also help expand Tech Mahindra’s solution portfolio to cater to the smart city projects, said the company.
lnfotek was incorporated in 2000 and trades in RFID products and provides supporting installation and software maintenance services. Vitaran was incorporated in 2006 and trades in RFID products which form part of access control systems. Both companies are based in India.
Earlier this year, Tech Mahindra CEO CP Gurnani had said that the company would remain on the lookout for acquisitions that would bring specific skills and capabilities to the company. The company’s most recent acquisition was DynaCommerce to help enhance its customer experience strategies.
