IT Major Tech Mahindra Acquires 100 Per Cent Stake In US-Based Allyis Group

Tech Mahindra has agreed to buy US-based information technology company for $125 million in an all cash deal

Tech Mahindra said the plan to acquire 100 per cent equity stake in Allyis will help bolster its business in spaces such as Cloud and automation engineering, analytics, and technical support services. Image: Getty

New Delhi: IT services major Tech Mahindra on Friday announced that the company has agreed to buy US-based information technology firm Allyis Group for $125 million (over Rs 900 crore) in an all cash deal.

Tech Mahindra in a regulatory filing said, “The company approved the proposal to acquire 100 per cent equity shares in Allyis India Private Limited and the company’s wholly-owned subsidiary viz., Tech Mahindra (Americas) approved the proposal to acquire 100 per cent equity shares in Green Investments LLC, holding company for Allyis Group (together called as Target).”

According to news report, Tech Mahindra said the company’s plan to acquire 100 per cent equity stake in Seattle-based Allyis Group will help bolster its business in spaces such as Cloud and automation engineering, analytics, and technical support services. For FY20, the target had revenue of $39.6 million while in the current year, for the first 11 months, the turnover stood at $45.7 million.

The company has more than 660 employees. For the financial year ended December 31, 2020, the firm reported a revenue of $39.6 million.

Allyis India Pvt Ltd and Green Investments LLC offer technology consulting and managed services for organisations to help reduce costs, improve performance, and meet their objectives.

Allyis India was founded in 2018, while Green Investments LLC was incorporated in 2013.

Earlier this month, Tech Mahindra announced the acquisition of Florida-based Activus Connect in an all cash deal worth $62 million.