Tech Mahindra has now agreed to acquire a minority stake in VitalTech Holdings, Texas, a US-based health technology startup, as a part of efforts to strengthen its healthcare software services business.
Tech Mahindra in the stock exchange said that the investment would help the company healthcare customers in their digital transformation initiatives.
The company, as of now, will first invest $3 million in VitalTech for a 6.03% stake. It also has an option until the month of January 2021 to buy another 8% stake in the company for $5 million.
VitalTech provides cloud-based telehealth and remote patient monitoring platform development and services.
The startup was incorporated in the month of May last year. Its revenue for the financial year ended December 31, 2019, was around $396000. It has a team of around 35 full-time and ten on a contractual basis.
In the month of November last year, Tech Mahindra has also agreed to buy Born Group Pvt Ltd and its Indian Unit as a part of its efforts to enhance its consulting capabilities.
In the month of April last year, the Tech Mahindra has also wrapped a deal to acquire an 18.1% stake in Infotek Software and Systems Pvt Ltd and Vitaran Electronics Pvt Ltd for around INR 13 crore.
About Tech Mahindra
Tech Mahindra is an Indian MNC company, a provider of Business Support Services and Information Technology, and Networking Technology solutions to the telecom industry.
It is a part of the Mahindra Group. Anand Mahindra is the owner of the Tech Mahindra. Earlier it was known by the name Mahindra British Telecom. It is having it’s headquarter at Pune, Maharashtra, India.
Tech Mahindra was ranked as of now on the 4th position in the Indian Software Services and overall 111th position in the Fortune 500 list for 2018.
On the 25th of July 2013, Tech Mahindra announced the completion of a merger with Mahindra Satyam. The combined company has employee strength of 98009, as of 2018, across the 52 countries, servicing 800+ customers across the globe. It has more than 15 overseas offices for BPO operations and software development.
Tech Mahindra has its operations in more than 52 countries with 72 delivery centers and 40 sales offices. Assessed at SEI CMMi Level 5, the company serves customers in healthcare, telecom, automobile, education, hospitality, eCommerce etc. The company has a revenue of around 7 billion for the FY 2019-2020.
