Tech Mahindra has announced the acquisition of Orchid Cybertech Services (OCSI) for $3.27 million through a wholly-owned subsidiary. This move is aimed at strengthening Tech Mahindra’s relationship with TPG Telecom (TPG) and expanding its customer experience capabilities and business in the Philippines.
The acquisition involves integrating OCSI, along with its assets and employees, into Tech Mahindra, which will then provide customer support and other services to TPG. This strategic step underscores Tech Mahindra’s commitment to enhancing its presence in key markets and diversifying its service offerings.
This acquisition follows Tech Mahindra’s acquisition of Thirdware Solutions in March last year, demonstrating the company’s strategy to broaden its portfolio and strengthen its capabilities across various sectors. However, Tech Mahindra reported a 60.6 percent decline in net profit to Rs 510 crore for the third quarter ended December 31, primarily due to a slowdown in demand in key verticals such as hi-tech, telecom, and financial services.
Despite these challenges, Tech Mahindra remains optimistic about its future prospects and continues to explore opportunities to enhance its market position. As of February 20, Tech Mahindra’s shares were trading slightly down by 0.44 percent at Rs 1,304.25 apiece.
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