Business Standard 18 September 2012
Tech Mahindra, on Monday announced the acquisition of 51 per cent stake in mobile value-added services (VAS) provider Comviva Technologies, a Bharti Group company, for Rs 260 crore. The acquisition is expected to shore Tech Mahindra’s top line.
With the new brand identity, Mahindra Comviva, the mobility business of Tech Mahindra and Mahindra Satyam combined is expected to clock revenues of Rs 1,000 crore by March 2013.
At present, Tech Mahindra and Mahindra Satyam get around Rs 500 crore of revenues from their telecom mobility business, which includes providing software and billing systems. Comviva gets an annual revenue of Rs 400 crore. The operating margins of the company are in mid-teens.