Tech Mahindra to acquire Target Group for over $163 Million
United Kingdom: Software services firm Tech Mahindra to
acquire a UK based financial technology firm Target Group, the aim of the
acquisition is to boost its banking and financial businesses. The Target Group,
a fintech company provide a platform which helps in automation of end-to-end
processes of lending, investments, loans, and insurance.
Target
Group is providing the business-process-as-a-service (BPaaS) to financial
institutions such as Goldman Sachs, Morgan Stanley, and Credit Suisse. With the
help of Target Group intellectual property (IP) and proprietary platform, the
company will increase its presence in the UK financial services industry.
The
Group employees close to 740 employees and has recorded the revenue of over $74
Million in 2015.
After
the acquisition, the management team of Target Group would have the full
operational responsibility of the company.
TechSci
Research analyses that through this acquisition Tech Mahindra would expect to increase
its operation in the United Kingdom and would able to provide the fast and
automated financial BPaaS services to its customers across the geographies.