Tech Mahindra Acquires U.S.-Based Design Firm Mad*Pow
Information technology firm Tech Mahindra Ltd. said it has acquired U.S.-based strategic design consultancy firm Mad*Pow but did not disclose the financial details of the deal.
The acquisition was announced after the IT firm declared its Q1 results—profit fell 15 percent to Rs 959 crore sequentially on the back of revenue that slipped 2.7 percent quarter-on-quarter to Rs 8,673 crore.
“Mad*Pow's acquisition is in sync with Tech Mahindra's global digital charter. With this collaboration, our digital footprint will take a deeper root not just in the U.S., but also in the wider ecosystem world over,” CP Gurnani, managing director and chief executive officer of Tech Mahindra, said in a statement.
Mad*Pow’s buyout is expected to help Tech Mahindra boost its capabilities in customer experience and digital transformation, user experience design, behaviour change design, content strategy, mobile app and web development, data science and analytics etc, the statement said.
On Tuesday, Tech Mahindra shares fell 0.93 percent to Rs 640.30 apiece on the BSE while the benchmark Sensex shed 0.77 percent to end the day at 37,397.24 points.