February 21, 2024
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Tech Mahindra Acquires 100% Stake In Orchid Cybertech Services
IT services company Tech Mahindra on Tuesday announced the acquisition of 100 per cent stake in Orchid Cybertech Services through its wholly-owned subsidiary for USD 3.27 million (over Rs 27 crore) in an all-cash deal.
Orchid Cybertech Services (OCSI) provides customer experience-related services to TPG Telecom. It has about 2,950 full-time employees. The turnover of OCSI for the financial year ended on July 31, 2023, was USD 37.3 million.
“…we wish to inform that the company through its wholly-owned subsidiary viz, vCustomer Philippines Inc. has today, that is February 20, 2024, approved the acquisition of 100 per cent equity shares in Orchid Cybertech Services, Inc., and executed the relevant transaction documents,” Tech Mahindra said in a statutory filing.
It further pegged the cost of acquisition at AUD 5 million (over Rs 27 crore). OCSI was incorporated on October 15, 2004, in the Philippines, the BSE filing said.
Separately, Tech Mahindra has announced a strategic partnership with TOTSCo (The One Touch Switching Company Ltd) to design, build and operate a message exchange platform for the UK telecom industry.
The platform will be used by all UK retail communications service providers to enable the new one-touch switch process for residential fixed broadband and voice services.
“The platform is built with a cloud-native architecture that ensures security, robustness, and scalability,” the company said in a statement.
This will allow consumers to switch telecom service providers seamlessly and take advantage of the range of services available. Easier switching allows end-users to choose the best price and service as per their requirements.
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