Zensar's US arm acquire data and digital engineering firm M3bi
Published: May 15, 2021
By TIOLCORPLAWS News Service
PUNE, MAY 15, 2021: INDIAN software services provider Zensar Technologies on Saturday said its US arm has agreed to acquire 100 per cent of the membership interest in data and digital engineering company M3bi and its India unit for USD 33 million.
Zensar will make an upfront payment of USD 21.60 million and performance based deferred payments over three years not exceeding USD 9 million. It will spend an additional USD 2.4 million to buy M3bi India.
The company said the acquisition is completely funded by internal accruals.
The acquisition of M3bi augments Zensar's thrust in the data engineering, analytics, artificial intelligence, machine learning and advanced engineering services. The acquisition will also add marquee clients to Zensar's portfolio in banking, financial services and insurance verticals.
“The addition of M3bi reinforces Zensar's new strategy which focuses on areas of market opportunities that allow Zensar to concentrate organisation resources, investments and alliances to deliver maximum business impact,” said an official statement.
Data engineering and analytics and advanced engineering are key strategic growth opportunities for Zensar, said CEO and Managing Director Mr Ajay S Bhutoria.
“With the addition of M3bi's capabilities, we will expand our offerings in this space to address the business-critical needs of our clients. Clients looking for large-scale digital transformation will be able to leverage our combined expertise,” he added.
Scottsdale, Arizona-headquartered M3bi was founded by Mr Anir Khandekar and Mr Suresh Potluri in 2010. They will continue to manage the company after the acquisition.