Tech Mahindra Acquires 100% Stakes in Com Tec Co IT

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Tech Mahindra Acquires 100% Stakes in Com Tec Co IT
20 Jan 2022
6 min read

News Synopsis

Information Technology firm, Tech Mahindra has acquired Europe based Com Tec Co (CTC) IT for 310 million Euros. CTC is an IT solution and service provider that serves the insurance and financial services industries with the development centres in Latvia and Belarus.

It is the second-largest deal done by the company and seeing the past buyouts of the company, the investors seemed nervous about the deal. The shares of the company slipped by 2%. IT analyst, Ashish Das has also pointed out that the past acquisition of the company has not impacted the company very well. 

Earlier Tech Mahindra acquired LCC Pakistan in 2014 did not work well for the company and it sold LCC Pakistan in 2017. This is the eighth acquisition of the company in the current financial year. After this acquisition, the company will be able to tap into the potential of the insurance sector and expand its offering to high-end digital engineering services for some of the largest insurance and financial services organisations in the world.