IT services and solutions giant, Tech Mahindra is all set to acquire UK based Target Group to strengthen its BFSI portfolio. The transaction is expected to close in Q2 FY17, subject to the receipt of regulatory approvals. The total value of acquisition is GBP112 million (or $164 million) and an adjustment for surplus cash upto GBP 8 million. Target Group provides BPaaS offerings in the areas of lending and investment products servicing to its clients, on variable pricing models.
The acquisition will make Tech Mahindra to one of the top 3 processors in UK financial services for certain complex lending and investment product categories. It also strengthens Tech Mahindra’s European presence and adds several new clients. At present, the Target Group has 740 employees and a client franchise, including leading financial institutions such as Goldman Sachs, Morgan Stanley and Credit Suisse.
So let’s discuss some questions related to this post :
1. Name the company which is going to purchase the Target Group ?
2. Where is the headquarter of Target Group ?