Tech Mahindra purchased 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.
Highlights of the acquisition
• 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 specialises 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.