Tech Mahindra buying Canadian IT consultancy Objectwise to tap PEGA expertise
Homegrown IT services firm Tech Mahindra has agreed to acquire Canada-headquartered IT consultancy Objectwise Consulting Group for 2.75 million Canadian dollars (around Rs 14.33 crore).
In a stock-exchange filing, Tech Mahindra said the acquisition would provide it access to Objectwise’s capabilities in the implementation and support of PEGA software, a business process management tool.
It expects to complete the transaction, which will take place via a new entity to be formed under wholly-owned subsidiary Tech Mahindra (Americas) Inc, by the end of next month.
Incorporated in 1996, Objectwise helps its customers implement PEGA software and designs and builds client relationship management, BPM and customer servicing applications. It also provides consultancy services and helps clients staff their offices with IT personnel across the organisational hierarchy.
Objectwise recorded revenue of CAD 13.6 million for the financial year ended September 2018, down from CAD 15.4 million in the previous fiscal.
Tech Mahindra has been a system integrator with Pegasystems since 2003, when they started providing joint clients with business process management solutions and strategic applications for customer experience transformation.
The two have worked together on the Pega 7 platform, where they jointly helped transform business processes for clients in the areas of banking, financial services & insurance (BFSI), telecommunications, life sciences, oil & gas and other industries.
This is the latest acquisition by Tech Mahindra, which in its 2018 annual report said that it was aggressively setting up and buying platforms.
In April, the CP Gurnani-led company said it would acquire an 18.1% stake each in Infotek Software & Systems Pvt. Ltd and Vitaran Electronics Pvt. Ltd for a total of up to Rs 13 crore.
The software services company said it would use the two firms’ presence in the radio-frequency identification (RFID) segment to build a footprint in the asset monitoring, tracking and automated billing solutions market.
In January last year, it had bought 17.5% stake in US-headquartered telecom software development firm Altiostar Networks Inc. for $15 million.