Tech Mahindra to Strengthen BFSI Expertise with Avant Acquisition

Tech Mahindra has announced an agreement to acquire a majority stake in Canada-based Alluri Technologies Inc (Avant), aiming to enhance its BFSI services. Initially acquiring 85% for CAD 28 million, Tech Mahindra plans to complete the acquisition by 2029. This move will strengthen its capabilities in financial technology solutions.

In a strategic move to bolster its capabilities within the BFSI sector, Tech Mahindra is set to acquire a major stake in Canadian company Alluri Technologies Inc, also known as Avant. Announcing its plans on Thursday, the company revealed that it would purchase an 85% stake for CAD 28 million, with a subsequent full acquisition planned by 2029.

According to Tech Mahindra, the acquisition aligns with a broader strategy to enhance services and expertise across financial technology domains. Roshan Shetty, the BFSI and Public Sector Head for the Americas, emphasized that the integration of Avant's offerings would enable Tech Mahindra to assist financial institutions with modernization initiatives, particularly in rapidly evolving digital landscapes.

The strategic acquisition is expected to expand Tech Mahindra's offerings in areas such as real-time rail capabilities, wire modernization, cloud transformation for core payments, and wealth management platforms. Avant's CEO, Srinivasa Varma Alluri, expressed excitement about the partnership, noting their combined strength in delivering innovative and secure financial solutions.