Industry News

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.

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