Tech Mahindra is to acquire SOFGEN, a niche consulting and services company specialising in Private / Wealth, Commercial and Retail Banking solutions.
The acquisition will allow Tech Mahindra to offer a unique combination of "Change the Bank and Run the Bank" services, highlighting the company’s efforts to augment its core banking expertise.
Tech Mahindra will benefit from SOFGEN’s 20+ Tier 1 client relationships and its status as having the 2nd largest pool of Avaloq consultants in the world.
The transaction is expected to close by March 2015, subject to regulatory approvals.
"This acquisition gives us an opportunity to enhance our expertise to implement modernized Core Banking & Transformation services capabilities. This milestone in the growth journey of Tech Mahindra will establish us as a significant player in the specialized & rapidly growing Private Banking and Wealth Management segment globally." said CP Gurnani, MD & CEO, Tech Mahindra.
"In the past decade, SOFGEN has grown to be a leading player in the niche market segments such as Private, Wealth, Retail and Commercial Banking. Bringing SOFGEN into the Tech Mahindra fold will give us access to new geographies, and a different magnitude of customer relationship." said Alexander Dembitz, Chairman SOFGEN.
"The highly experienced consultant work-force, coupled with the size and scale of Tech Mahindra will help us deliver compelling value to our prestigious customers globally."