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

Women can lead 21st century ICT industry, says Zinox chief

With the right mix of innovation, business focus, accountability and ambition, women entrepreneurs can spearhead the evolution of the ICT industry in the 21st century, says the Chairman, Zinox Group. Read More

Leading through volatility in Africa

For the businesses that are prepared to face the storm and manage the volatility afflicting the continent, there are still huge rewards to be had from doing business in Africa, says SAP. Read More

American Tower Corporation, Bharti Airtel in Nigerian tower sale agreement

American Tower Corporation and Bharti Airtel Limited have entered into a definitive agreement for the sale of over 4,800 of Airtel’s communications towers in Nigeria.  Read More

Mobile backlog affects revenues

New research shows that a slow approach to app development is increasingly damaging revenue opportunities in the enterprise. The study found that organisations are currently struggling with a significant mobile backlog and unable to cope with business demands. Read More

Kenya courts technology to woo investors

Kenya, East Africa’s lead economic hub, has stepped up its efforts to woo investors through its rigorous incorporation and adaptation of technology to ease business transactions. Read More

‘Prepare for an explosive year ahead’ - Dac Systems

From a technology solution supply and reselling perspective, 2015 is going to be a bumper year, says Dac Systems. Read More

The Business Network is the future

Hyper-connected business networks will extend business processes that used to stop at the walls of the enterprise, and will fulfill the promise of the real-time global networked economy to reduce complexity without sacrificing sophisticated work, says SAP. Read More

Africa SME Champions Forum: creating an ecosystem to support African champions

Didier Acouetey, Gervais Koffi-Djondo, Felix Bikpo, Amadou Kane The Africa SME Champions Forum closed in Dakar last week, but its work in support of African champions is only just beginning.  Read More

Deloitte: Africa GDP to top $3.7 trillion by 2019

Africa’s gross domestic product will grow by 50% to $3.7 trillion over the next five years, says Deloitte. Read More

EOH CEO named All Africa Business Leader

Asher Bohbot, CEO of Enterprise Outsourcing Holdings (EOH) Limited, has been named Business Leader of the Year at the CNBC Africa All Africa Business Leaders Awards. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

GSMA: half a billion mobile subscribers in SSA by 2020GSMA: half a billion mobile subscribers in SSA by 2020

The number of unique mobile subscribers in Sub-Saharan Africa will pass the half billion mark in 2020, says a new GSMA report.

IN DEPTH

Africa lags on digital migration Africa lags on digital migration

Only three African countries have so far completed the digital migration process, and serious issues are hampering the migration in other nations.  

COMPANY NEWS

Leading through volatility in Africa

For the businesses that are prepared to face the storm and manage the volatility afflicting the continent, there are still huge rewards to be had from doing business ...