Monday, June 21, 2021
HomeBusinessTech Mahindra to Buy US-Based Network Services Operator for $240 Million

Tech Mahindra to Buy US-Based Network Services Operator for $240 Million

Software services company Tech Mahindra Ltd said it would buy Virginia-based network services operator Lightbridge Communications Corp for $240 million to boost its presence in the United States.

The acquisition, expected to close by the fourth quarter, will add 20-30 new clients to Tech Mahindra, Chief Executive Officer C.P. Gurnani said on a call.

He also said all of Lightbridge’s 5,700 employees would join Tech Mahindra, taking the company’s total headcount to about 100,000.

“We expect network services to be a major growth engine for our organisation,” Executive Vice Chairman Vineet Nayyar said in a statement. As of now, the telecommunications business accounts for around 45 per cent of the company’s revenue.

Tech Mahindra did not say how much its revenue will be boosted by the deal.

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