Tech Mahindra acquires Comviva stake

BUSINESS

|
Image: By BiztechAfrica
Tech Mahindra acquires Comviva stake

Tech Mahindra Limited, India’s sixth largest software exporter, has acquired a 51% stake on a fully diluted basis in Comviva Technologies Limited, a Bharti Group Company, and a global leader in providing mobile Value Added Services (VAS), Mobile Money and Mobile Payment solutions, for a value of INR 260cr. The deal will be subject to regulatory approvals.

The new brand identity will be Mahindra Comviva,reflecting the combined strength and spirit of both the entities.

As part of this arrangement, Tech Mahindra will make an upfront payment of INR 125cr towards the stake acquired and the balance amount of INR 135cr will be paid out over a period of five years based, on Comviva achieving mutually agreed performance targets. The current promoters will continue to hold a 20% stake on a fully diluted basis in Comviva, post the deal closure.

Vineet Nayyar, Executive Vice Chairman, Tech Mahindra,said:“This acquisition is a significant step forward, in our vision of being a complete and comprehensive partner to our clients and like always, we are confident of making this a successful venture for our stakeholders. In addition to the market leading capabilities, this will also add to our relationship with large operator groups across the world.”

“The combined entity will bring end-to-end capabilities of products, system integration and services in the mobile VAS, money & payments space. Our enhanced customer experience management offerings will deliver greater value to all our existing customers globally, and provide opportunities for accelerated growth,”said Manoranjan (Mao) Mohapatra, CEO of Comviva.



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE BUSINESS NEWS

Airtel, Oando seal strategic partnership deal

Airtel will gain a retail presence at Oando stations in line with a new partnership deal signed by the two companies. Read More

We cannot ignore Nigerian market, says Lenovo chief

With the largest market on the continent, global PC leader, Lenovo, has said Nigeria market remained strategic for its business in Africa, adding that with its line-up of superior devices and PCs, it is sure of doing well in the market. Read More

NATCOM promises better deal as it takes over NITEL/MTel

NATCOM Consortium Chairman Dr. John Olatunde Ayeni has promised to turn the once ailing NITEL into a strong new brand. Read More

Surfline Communications to get $15m boost

Surfline Communications is expected to receive an investment capital injection of $15m from DEG - Deutsche Investitions und Entwicklungsgesellschaft mbH. Read More

Alcatel-Lucent appoints new Country Senior Officer for Ghana

Alcatel-Lucent has appointed Ramy Hashem, as Country Senior Officer and Managing Director for Ghana. Read More

MasterCard grants Unified Payments acquiring license

MasterCard has granted an acquiring license to Unified Payment Service Limited, a leading payments service provider, in a move expected to broadly increase the acceptance of MasterCard payment cards in Nigeria. Read More

MTN Business backs emerging ICT entrepreneurs

MTN Business has embarked on a long-term supplier development programme that will empower young, black entrepreneurs to take their place at the forefront of South Africa’s evolution to a knowledge-based economy. Read More

CNN, MultiChoice launch 20th African Journalist Awards

CNN International and MultiChoice this week officially launched the CNN MultiChoice African Journalist 2015 Awards.   Read More

Cokodeal.com aims to revive ‘made in Nigeria’

Cokodeal.com, describing itself as Africa’s largest medium for business exposure, is aiming to boost Nigerian manufacturers through greater online exposure. Read More

Leading African airline adds new payment options

ASKY, the leading airline in West and Central Africa, has partnered with PayGate and booking engine SITA to offer web-based booking to its customers for the first time. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4Afrika

FEATURED STORY

e-commerce space untapped, says phonekings heade-commerce space untapped, says phonekings head

E-commerce is the future, says the head of a new online electronics mall launched in Nigeria. Tayo Olusanya spoke to Kokumo Goodie in Lagos.

IN DEPTH

Villagers get solar training at Barefoot College Villagers get solar training at Barefoot College

The Botswana Human Resource Development Council (HRDC) has seconded seven semi-illiterate mostly Ngwatle villagers for a six month solar electrification training course at the famed Barefoot College in India.