Tech Mahindra to buy financial technology firm Target Group

Q.  Which IT major will purchase the financial technology firm Target Group to boost its platform business process as a service offering in the banking sector?
- Published on 30 May 16

a. Infosys
b. HCL
c. Tech Mahindra
d. None of the above

ANSWER: Tech Mahindra
 
Tech Mahindra has indicated it will buy financial technology firm Target Group to boost its platform business process as a service offering in the banking sector in a deal valued at more than 112 million pounds.
  • In a BSE filing, TechM said the deal had an enterprise value of 112 million pounds per an adjustment for surplus cash of close to 8 million pounds
  • Company will pay 64 million pounds upfront and a deferred consideration of up to 16.28 million pounds in 2017
  • TechM will pay an amount of 17.1 million pounds on account of loan notes at closing

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