Tech Mahindra Ltd said on Monday it has acquired a 70% stake in Ireland-based Perigord Asset Holdings Ltd, a specialist in end-to-end packaging supply chain solutions to the life sciences industry. Financial details of the transaction were not disclosed.
This is the latest in a series of acquisitions in the past few quarters by the Mahindra group company. The Perigord deal will help Pune-based Tech Mahindra augment its expertise in the global pharmaceutical, healthcare and life science (HLS) sectors, according to a company statement.
“For Tech Mahindra, HLS is a focus vertical (8-9% of revenue) and the Perigord acquisition will augment its domain capabilities and also expand its BPaaS (business process-as-a-service) offerings,” brokerage Emkay Research said in a note.
Tech Mahindra plans to “leverage Perigord’s expertise and offerings to extend capabilities towards delivering efficiency and automation levers, across sectors including consumer-packaged goods (CPG), medical devices, and over the counter (OTC) products to enable growth and scalability in the future,” according to a company statement.
The deal is part of Tech Mahindra’s long-term growth plan to expand its presence across the key markets of the US, India, Ireland and Germany.
“Healthcare and life sciences is a key vertical for Tech Mahindra and this acquisition will expand our footprint globally in these domains. Perigord’s disruptive proprietary platform and expertise in the artwork space and life sciences industry will add significant value to our offerings and capabilities,” said Vivek Agarwal, president– BFSI, HLS and Corporate Development, Tech Mahindra.
The acquisition also underlines Tech Mahindra’s focus on digital growth, under the NXT.NOW framework, which focuses on leveraging next-generation technologies to solve evolving and dynamic customer challenges.
