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Tech Mahindra announced that it has acquired a 100% stake in US-based Activus Connect, a leading provider of work at home customer experience management solutions. Activus has more than 1750 employees. For the financial year ended 31 December 2020, it recorded revenue of $17 million.
The Indian IT major will pay total consideration of up to $62 million including earnouts.
The acquisition will augment Tech Mahindra's position as a leading digital transformation enabler in the work at home customer experience management domain. Additionally, Tech Mahindra will leverage Activus Connect's customizable omni-channels and AI-powered compliance analytics platform, SmartVirtual, to render a secure cloud-based ecosystem of technologies, analytics, and virtual management practices. This will enable friendly, smart, efficient, and effective outcomes for consumers across the globe.
Vivek Agarwal, President – BFSI, HLS and corporate development, Tech Mahindra, said: "WAH CXM is undergoing disruptive changes due to the pandemic and has given rise to exponential demand in the market. The acquisition of Activus will fill a whitespace, with their unique delivery model, disruptive platform, and expertise in the WAH CXM industry that will add significant value to Tech Mahindra's offerings and capabilities. We welcome Activus employees into the Tech Mahindra family and look forward to achieve great success together."
Birendra Sen, Business Head, Business Process Services, Tech Mahindra, said, "In line with our strategy of expanding our US presence to provide high quality digital customer experience services, we are very happy to welcome the Activus Connect team to the Tech Mahindra family. This acquisition will enable our customers to rapidly scale and operate by leveraging the Work at Home model. We believe that together we will continue to push the limits on providing superior outcomes for our customer."
Tech Mahindra posted 25.8% increase in consolidated net profit to Rs 1338.70 crore on 16.1% rise in net sales to Rs 10,881.30 crore in Q2 FY22 over Q2 FY21.
Tech Mahindra is focused on leveraging next-generation technologies including 5G, Blockchain, Cybersecurity, Artificial Intelligence, and more, to enable end-to-end digital transformation for global customers.
Shares of Tech Mahindra declined 2.26% to settle at Rs 1592.90 on the BSE.
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