Tech Mahindra buys 70% stake in Perigord to strengthen healthcare BPS offerings

Pune based IT (information technology) services major Tech Mahindra on Monday announced it has acquired 70% stake in pharmaceutical packaging artwork, BPO and digital solutions provider Perigord Asset Holdings for 21 million euros (about $25 million at current exchange rate). 

Tech Mahindra said, according to a BSE filing, that it will acquire the remaining 30% of shares over the next four years at a valuation linked to the financial performance of the company.    

The acquisition is expected to provide Tech Mahindra expertise in the healthcare, pharmaceutical and life sciences sectors. 

“Perigord’s disruptive proprietary platform and expertise in the artwork space and life sciences industry will add significant value to our offerings and capabilities,” Vivek Agarwal, president — BFSI, HLS and Corporate Development, Tech Mahindra said in a statement.  

Additionally, the Mahindra group owned firm said that the partnership with Perigord will also help strengthen its position in the artwork and packaging services space, along with aiding in automation of packaging for consumer-packaged goods, medical devices and over the counter products.   

Read: Tech Mahindra, ThoughtSpot partner for AI-driven analytics 

The acquisition is part of Tech Mahindra’s long term growth plan to increase its presence in the geographies of Ireland, Germany, USA and India, regions where Perigord, founded in 1976, currently offers services.   

Also read: Tech Mahindra to absorb two subsidiaries to cut costs 

“With leading capabilities in the BPS (business process services) segment along with SaaS (software as a service), the acquisition will further establish Tech Mahindra as a preferred service provider in the life sciences industry,” Alan Leamy, CEO, Perigord Asset Holdings, said.

Ritesh Idnani, president, business process services at Tech Mahindra added that the acquisition lies at the centre of the company’s priorities around platform led BPaaS (Business Process as a Service) offerings.   

One of Perigord’s main offering is a proprietary platform called as the Pharmaceutical Artwork Management System, “GLAMS", a workflow management system designed for the life science industry.