Technology Holdings is pleased to announce that our client Tech Mahindra has completed the acquisition of Target Group.
Target Group is a leading provider of Business Process as a Service (BPaaS) offerings in the areas of lending and investment products for over 50 major financial institutions across the globe and is one of the leading processing platform companies in the UK. Tech Mahindra has purchased 100% of the shares of Target Group for an Enterprise Value of £112 million. Technology Holdings was the exclusive advisor to Tech Mahindra on the transaction.
Tech Mahindra is a specialist in digital transformation, consulting and business re-engineering solutions with revenues in excess of USD 4 billion. The acquisition strengthens Tech Mahindra’s BFSI practice by access to IP and platform which helps automate end-to-end processes in the lending, investments and insurance market and is in line with Tech Mahindra’s strategy of expanding its Fintech capabilities. The acquisition allows Tech Mahindra to capture a larger share of the GBP 45-60 billion annual spend by UK BFSI companies on software and services. There is also a significant opportunity to cross-sell Tech Mahindra/ Target offerings in each other’s client base and extend the platform to other markets.
CP Gurnani, MD & CEO, Tech Mahindra, stated “Target Group’s strong IP and disruptive proprietary platform significantly enhances our Fintech offerings. This acquisition will make us a formidable player in the UK BFSI market with over 50 major financial institutions as clients. The acquisition lies at the confluence of several of our strategic priorities – add IP, double BFSI revenue and expand European footprint. We look forward to welcoming Target Group’s employees into the Tech Mahindra family”.