Tech Mahindra acquires Lodestone, WMW, Marketing & Advertising News, ET BrandEquity

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Computer company Tech Mahindra on Monday announced the acquisition of Lodestone, a digital engineering quality assurance provider for new age digital businesses, for up to $ 105 million (approximately Rs 789 crore). The Mumbai-based company also said it acquired WMW from Born London Limited, UK for 9.4million pounds (around Rs 97 crore), in accordance with a regulatory filing.

Tech Mahindra said that the acquisition of Infostar LLC (doing business as Lodestone) will strengthen its ability to engineer end-to-end digital products through design, build and test, using the expertise of Loadstone in effectively using data strategy and providing end-to-end product quality assurance across the hardware, software and data layers.

Tech Mahindra will pay a total consideration of up to $ 105 million, including earn-outs, he added.

The company is headquartered in Pleasanton, California, and has more than 300 employees.

For the fiscal year ended December 31, 2020, the company achieved sales of $ 43.3 million.

Tech Mahindra President (BFSI, HLS & Corporate Development) Vivek Agarwal said the acquisition of Lodestone is in line with the company’s strategy to build digital capabilities and deliver enhanced transformation services and comprehensive to customers around the world.

“This will bring important synergies to complement our expertise in the field and help drive growth going forward. We welcome Lodestone associates into the Tech Mahindra family, ”he added.

The acquisition of We Make Websites Ltd (WMW) will add to Tech Mahindra’s capabilities in the experience design pillar and help create a leading Shopify practice, the regulatory brief noted.

The London-based company reported sales of £ 4.6million in CY2020. The UK accounted for 51 percent of income, the US (30 percent) and other regions 19 percent. It had 43 employees in the UK and five in the US.

India was the world’s fifth largest auto market in 2020, with around 3.49 million passenger and utility cars sold, according to a report by the India Brand Equity Foundation.


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