Left Menu
Development News Edition

Tech Mahindra unit to pick up stake in Texas-based VitalTech Holdings

IT major Tech Mahindra on Thursday said its US subsidiary will acquire 6.03 per cent stake in US-based VitalTech Holdings, Inc for USD 3 million. Tech Mahindra (Americas), Inc will acquire 6.03 per cent of equity shares with an option to acquire additional equity of up to 8 per cent till January 2021, it said in a regulatory filing.

PTI | New Delhi | Updated: 22-10-2020 22:44 IST | Created: 22-10-2020 22:19 IST
Tech Mahindra unit to pick up stake in Texas-based VitalTech Holdings
Representative image Image Credit: ANI

IT major Tech Mahindra on Thursday said its US subsidiary will acquire 6.03 per cent stake in US-based VitalTech Holdings, Inc for USD 3 million. Tech Mahindra (Americas), Inc will acquire 6.03 per cent of equity shares with an option to acquire additional equity of up to 8 per cent till January 2021, it said in a regulatory filing. The cost of acquisition is USD 3 million, and Tech Mahindra has the option to invest an additional amount of up to USD 5 million till January 2021, it added. The tentative date of closure of the transaction is October 26, 2020. The transaction will strengthen Tech Mahindra's existing healthcare IT services business and help its healthcare customers in their digital transformation journey, the filing said. Texas-based VitalTech Holdings, Inc is engaged in the business of cloud-based telehealth and remote patient monitoring platform development and services. It has 35 full-time employees and 10 on contract basis. Its turnover for the fiscal ended December 31, 2019 was USD 0.39 million.


TRENDING

OPINION / BLOG / INTERVIEW

Turbulence surrounding tobacco control in Ghana

... ...

Smart healthcare: IoT redefining the way healthcare is delivered

As the world is embracing the new wave of digitalization triggered by the pandemic and the arrival of 5G, the adoption of IoT devices will further boom. With adoption set to soar, IoT security issues and other challenges cant be ignored any...

Refugee compassion and response: Ideas to mitigate disasters now and in their future

Their homeland becomes a forbidden territory for them and more likely than not, their journey to foreign soil is no less traumatizing, not to say deadly. It is crucial to help refugees live a life of dignity and purpose....

Inadequate water infrastructure causes a tidal wave of coronavirus in rural Alaska

... ...

Videos

Latest News

New labour rules will create unemployment: Cong

The new labour rules will create unemployment and promote new forms of slavery, the Congress alleged on Monday, demanding the rollback of the Occupational Safety, Health and Working Conditions Central Rules, 2020. The opposition party also ...

'Political and social guardian': Assam remembers Tarun Gogoi

Political leaders, civil society members, educationists, artistes and eminent personalities of Assam on Monday remembered former chief minister Tarun Gogoi as a political and social guardian of the state. State minister Himanta Biswa Sarma,...

Gujarat: Leopard, leopardess found dead in Gir forest

A leopard and leopardess were found dead in different parts of Gir forest in Junagadh and Amreli districts of Gujarat on Monday, an official said. While the carcass of the leopard, around 8-month-old, was found near Ambajal dam area in Juna...

Maha makes RT-PCR COVID negative report mandatory for people coming from 4 states; Karna, HP keep schools shut till Dec 31; SC for immediate steps to tackle overall situation

Maharashtra on Monday made it mandatory for people coming from four states--Delhi, Rajasthan, Gujarat and Goa--to carry a Covid-negative report while Karnataka and Himachal Pradesh kept schools shut till December 31 even as the Supreme Cour...

Give Feedback