Tech Mahindra : Acquisition

Tech Mahindra Limited

Sharda Centre, Off Karve Road Pune 411004, Maharashtra, India

Tel: [phone]

Fax: [phone]

techmahindra.com

[e-mail]

Registered Office:

Gateway Building, Apollo Bunder Mumbai 400 001, India

CIN: L64200MH1986PLC041370

12th March, 2022
To
BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers,	Exchange Plaza, 5th floor,
Dalal Street,	Plot No. - C/1, G Block,
MUMBAI - 400 001	Bandra-Kurla Complex, Bandra (E)
Scrip Code : 532755	MUMBAI - 400 051
	NSE Symbol : TECHM

Sub: Approval of proposal for acquisition of 100% stake in Thirdware Solutions Limited

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that the Company approved the proposal to acquire 100% equity shares in Thirdware Solutions Limited (hereinafter referred to as Thirdware or Target).

In this regard, please find enclosed herewith, Disclosure containing the details pursuant to Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9th September, 2015 as Annexure 1.

This is for your information and record.

Please acknowledge receipt of the same.

Thanking you,

Yours Faithfully

For Tech Mahindra Limited

Anil Khatri

Company Secretary

Encl.: As stated above

Tech Mahindra Limited

Sharda Centre, Off Karve Road Pune 411004, Maharashtra, India

Tel: [phone]

Fax: [phone]

techmahindra.com

[e-mail]

Registered Office:

Gateway Building, Apollo Bunder Mumbai 400 001, India

CIN: L64200MH1986PLC041370

Annexure I

Sr.	Items for Disclosure	Description
No.
1	Name of the target entity, details in brief	The target entity is Thirdware Solutions	Ltd
	such as size, turnover etc.;	(https://www.thirdware.com/index.html).
		Headquartered in Mumbai with more than 850
		employees. For the financial year ending 31st
		March, 2021, Thirdware had revenue of INR
		2,106.2 million. Thirdware delivers industry-
		specific technological expertise through a range
		of services spanning business applications
		consulting, design, implementation and support.
2	Whether the acquisition would fall	No
	within related party transaction(s) and
	whether the promoter/ promoter group/
	group companies have any interest in the
	entity being acquired? If yes, nature of
	interest and details thereof and whether
	the same is done at "arms length";
3	Industry to which the entity being	IT Services
	acquired belongs;
4	Objects and effects of acquisition	The acquisition will bolster Tech Mahindra's
	(including but not limited to, disclosure	digital solutions and services in automotive
	of reasons for acquisition of target entity,	consulting,	design,	development,	and
	if its business is outside the main line of	implementation in areas like ERP (Enterprise
	business of the listed entity);	Resource	Planning),	EPM	(Enterprise
		Performance	Management), RPA	(Robotic
		Process Automation), and IIoT (Industrial
		Internet of Things). Thirdware's capability to
		provide end-to-end implementations and global
		rollouts of ERP solutions will give Tech
		Mahindra an edge in the manufacturing space.
5	Brief details of any governmental or	None
	regulatory approvals required for the
	acquisition;
6	Indicative time period for completion of	31st May, 2022
	the acquisition;

			Tech Mahindra Limited
			Sharda Centre, Off Karve Road
			Pune 411004, Maharashtra, India
			Tel: [phone]
			Fax: [phone]
			techmahindra.com
			[e-mail]
			Registered Office:
			Gateway Building, Apollo Bunder
			Mumbai 400 001, India
			CIN: L64200MH1986PLC041370
7	Nature of consideration - whether cash	Cash
	consideration or share swap and details
	of the same;
8	Cost of acquisition or the price at which	Tech Mahindra will pay total consideration of up
	the shares are acquired;	to USD 42 million including earnouts.
9	Percentage of shareholding / control	100%.
	acquired and / or number of shares
	acquired;
10	Brief background about the entity	Thirdware is	a global player in Enterprise
	acquired in terms of products/line of	Applications focused in the areas of ERP, BIA,
	business acquired, date of incorporation,	Cloud and	business technologies. Thirdware
	history of last 3 years turnover, country	offers consulting, design, implementing, and
	in which the acquired entity has presence	support of enterprise applications services with a
	and any other significant information (in	focus on the Automotive industry.
	brief);
		Thirdware Solutions Ltd was incorporated in
		1995. Last 3 years total turnover for Thirdware is
		as follows: -
		FY21: INR 2,106.2 million
		FY20: INR 2,155.6 million
		FY19: INR 2,254.4 million
		The FY22 turnover, for the first 10 months
		starting 1st April, 2021 to 31st January, 2022 is
		INR 2,265 million

For Tech Mahindra Limited

Anil Khatri

Company Secretary