Tech Mahindra Ltd acquires UK-based BIO Agency Ltd
Technology services provider Tech Mahindra Ltd (TechM) on 22 June 2016 acquired UK-based digital transformation firm The BIO Agency Ltd.
• The acquisition was carried out in an all-cash deal for an enterprise value of up to 45 million pounds.
• The payment of 22 million pounds and the surplus cash of 5 million pounds will be made upfront and the balance will be done away as deferred payments based on company performance.
• Tech Mahindra will acquire 100 percent of shares of the company.
• The closing date of the transaction is expected to take place in the first week of July 2016.
• The move will help Tech Mahindra to strengthen its digital portfolio in providing better digital strategy, services and customer experience.
• The acquisition will also help The BIO Agency to make sizable inroads into the telecommunications and enterprise clients of Tech Mahindra.
• BIO Agency specializes in digital transformation across sectors such as retail, financial and travel. It offers digital strategy, service design, digital retail, connected products, product innovation and e-commerce solutions.