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Tech Mahindra acquires OCSI for $3.27 million

IT services and consulting firm, Tech Mahindra, on Tuesday (February 20) said it has acquired a 100% stake in Orchid Cybertech Services (OCSI) through its wholly-owned subsidiary for $3.27 million.

“We wish to inform that the company through its wholly owned subsidiary viz., vCustomer Philippines Inc has today i.e. February 20, 2024, at 05:55 am (IST), approved the acquisition of 100% equity shares in Orchid Cybertech Services,” Tech Mahindra said in a regulatory filing.

Orchid Cybertech Services provides customer experience-related services to TPG Telecom. It has about 2,950 full-time employees. The turnover of the company for the financial year ended on July 31, 2023, was $37.3 million.

Tech Mahindra in the filing said it has a long-standing relationship with TPG Telecom (TPG). “This deal further strengthens the relationship with TPG and aids in expanding existing customer experience capabilities and business in the Philippines,” it said.

The acquisition of OCSI will facilitate this transition and enable incremental revenue to be realized. As part of this transaction, OCSI, including its assets and employees, will become part of Tech Mahindra and Tech Mahindra will provide customer support and other services to TPG, the company said.

Shares of Tech Mahindra Ltd were trading 0.027% lower at ₹1,309.65 apiece on Tuesday. The scrip is up 1% so far this year and has gained about 15% in the last year. CNBCTV18

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