New Delhi : Tech Mahindra said it has acquired UK-based BIO Agency (BIO) in an all-cash deal for an enterprise value of up to 45 million pounds, a move that will augment the Indian software exporter’s digital services portfolio.
“The consideration is the enterprise value of 40 million pounds plus surplus cash not exceeding 5 million pounds as at the completion date. The payment of 22 million pounds and the surplus cash will be made upfront and the balance as deferred payments based on company performance,” Tech Mahindra said in a statement.
Tech Mahindra said the transaction is expected to close in the first week of July 2016. “The acquisition brings forth a synergy that will open up more clients for BIO globally (especially in Europe and the US), scaling their offering geographically and enabling new services and deeper Digital Change,” it said.
Incorporated in April 2006, BIO had revenues of 12.5 million pounds for FY2015-16, up from 7.3 million pounds in 2014-15 and 6.3 million pounds in 2013-14. BIO services brands across financial services, retail, property, travel, and technology sectors.
Tech Mahindra has been on an acquisition spree. Last month, it acquired UK-based Target Group in around 120-million pound deal to strengthen its presence in the banking and financial services space. Last year, it had bought Italian automotive and industrial design company, Pininfarina in a Rs 370-crore deal.
