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Tech Mahindra - CTC Acquisition To Bolster Insurance Capability: Motilal Oswal

Tech Mahindra has announced the acquisition of Com Tec Co IT, an East European IT Services company with a presence in the digital engineering and outsourced product development space, for €310 million.

CTC services clients in the Insurance vertical, which should strengthen Tech Mahindra’s capabilities in that space. It has development centers in Eastern Europe (Latvia Belarus) and has a workforce of 720.

Tech Mahindra has also acquired a minority stake in two group software-as-a-service companies (SWFT and Surance) for €20 mn
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