Tech Mahindra acquires Lodestone, WMW
Summary
IT firmon Monday announced the acquisition of Lodestone , a digital engineering quality assurance provider for new age digital companies, for up to $105 million (about Rs 789 crore). The Mumbai-based company also said it has acquired WMW by Born London Limited, UK for 9.4 million pounds (about Rs 97 crore), as per a regulatory filing.Tech Mahindra said the acquisition of Infostar LLC (doing business as Lodestone) will bolster its end-to-end digital product engineering capability across Design, Build, and Test, by employing Loadstones expertise in effective utilisation of data strategy and providing end to-end product quality assurance across hardware, software, and data layers.Tech Mahindra will pay total consideration of up to $105 million, including earnouts, it added.The company is headquartered in Pleasanton, California, and has more than 300 employees.For the financial year ending December 31, 2020, the company had revenue of $43.3 million.Tech Mahindra President (BFSI, HLS and Corporate Development) Vivek Agarwal said the acquisition of Lodestone is in line with the companys strategy to strengthen digital capabilities and provide enhanced and comprehensive transformation services to its customers globally. "This will bring significant synergies to complement our domain expertise and will help drive growth going forward. We welcome Lodestones associates into the Tech Mahindra family," he added.The acquisition of We Make Websites Ltd (WMW) will add to Tech Mahindras capabilities in Experience Design pillar and help build an industry leading Shopify Practice, the regulatory filing noted.The London-headquartered company logged revenue of 4.6 million pounds in CY2020. It had 43 employees in the UK and five in the US.
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