Pune-based IT service firm Tech Mahindra has acquired a 70% stake in Perigold Asset Holdings for 21 million euros. Headquartered in Dublin city in Ireland, Perigold is the packaging supply chain solutions provider for the Life Sciences business firms. This transaction will close on March 19, and the company also has further plans to acquire rest of the 30% stake over the next four years.
Tech Mahindra has acquired Perigold’s India subsidiaries while other legal entities will go into the basket of Mahindra Engineering Services in Europe. Alan Leamy, CEO of Perigold said that this deal is a perfect mix of expertise, scale, technology, and timing that will help both companies to grow. Vivek Agarwal, Tech Mahindra President has welcomed Perigold employees into the Tech Mahindra Family.
Perigold specializes in packaging and labeling artwork, creative and digital services, outsourcing, software solutions, and strategic consultancy services. This partnership will help Tech Mahindra to improve its market position as the leading digital transformation provider in the packaging services segment with the integrated services portfolio. Moreover, the IT software firm will utilize the expertise and automation levers of Perigold Asset Holding to extend its capabilities in delivering efficiency and automation across many sectors such as consumer packaged goods, over-the-counter (OTC) products, and medical devices to gain growth and business expansion in the future.
For Tech Mahindra, Healthcare and Life Sciences (HLS) is a vertical focus (up to 10% of revenue), and this acquisition will strengthen domain capacities and also it will expand its Business Process as a Service (BPaaS) offerings in the market. This deal is a part of the long-term plan to expand Tech Mahindra’s footprints across the major markets of the US, India, Germany, and Ireland. The acquisition also highlights Tech Mahindra’s focus on digital expansion by utilizing next-generation technologies to fix dynamic market challenges.
