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Tech Mahindra acquires Lodestone, WMW
October 27, 2021
IT firm Tech Mahindra on Monday announced the acquisition of Lodestone, a digital engineering quality assurance provider for new age digital companies, for up to USD 105 million (about ₹789 crore).
The Mumbai-based organization likewise said it has acquired WMW by Born London Limited, UK for 9.4 million pounds (about ₹97 crore), according to a regulatory filing.
Tech Mahindra said the acquisition of Infostar LLC (working together as Lodestone) will bolster its end to end digital product engineering capacity across Design, Build, and Test, by utilizing Loadstone’s expertise in effective utilization of data strategy and giving end to end product quality assurance across hardware, software, and data layers.
Tech Mahindra will pay absolute thought of up to USD 105 million, including earnouts, it added.
The organization is headquartered in Pleasanton, California, and has in excess of 300 employees.
For the financial year ending on December 31, 2020, the organization had revenue of USD 43.3 million.
Tech Mahindra President (BFSI, HLS and Corporate Development) Vivek Agarwal said the acquisition of Lodestone is in line with the organization’s strategy to strengthen digital capabilities and give enhanced and comprehensive transformation services to its clients around the world.
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