India-based IT firm Tech Mahindra has signed an agreement to acquire SOFGEN Holdings, a Swiss-based consulting and services firm that specializes in private banking, wealth and retail banking solutions.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Subject to regulatory approval, the transaction is anticipated to complete by March 2015. Financial terms of the transaction were not disclosed.
The acquisition will allow Tech Mahindra to provide a combination of ‘Change the Bank and Run the Bank’ services to retail banking, private banking and wealth management customers globally.
The deal is expected to boost Tech Mahindra financial services offering as well as add SOFGEN’s 450 plus staff to Tech Mahindra’s global workforce.
Tech Mahindra MD and CEO CP Gurnani said: "This acquisition gives us an opportunity to enhance our expertise to implement modernized Core Banking & Transformation services capabilities.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"This milestone in the growth journey of Tech Mahindra will establish us as a significant player in the specialized & rapidly growing Private Banking and Wealth Management segment globally."
SOFGEN chairman Alexander Dembitz said: "Bringing SOFGEN into the Tech Mahindra fold will give us access to new geographies, and a different magnitude of customer relationship. The highly experienced consultant work-force, coupled with the size and scale of Tech Mahindra will help us deliver compelling value to our prestigious customers globally."
