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01 February, 2023 20:26 IST
Tech Mahindra acquires Com Tec Co IT

Tech Mahindra, a provider of digital transformation, consulting and business re-engineering, has acquired Com Tec Co IT (CTC) for EUR 310 million including earnouts and synergy linked payouts. CTC is an IT solutions and service provider serving the insurance and financial services industries with development centres in Latvia and Belarus. The acquisition will enable Tech Mahindra to tap onto the potential industry disruption in the Insurance sector, expand its offerings to high-end digital engineering services for some of the largest insurance, re-insurance and financial services organizations globally and scale its nearshore delivery presence.

The company is also investing a cumulative amount of EUR 20 million, in SWFT and Surance, for a 25% ownership in each of these two InsurTech ventures funded by the same founding group as CTC. SWFT is a SaaS-based digital customer engagement platform. It offers multiple functionalities for insurance sales & distribution and is designed for digital brokers, price comparison websites, and insurers wanting to directly reach their customers through digital channels. Surance is an end-to-end personal cyber insurance solution that focuses on vulnerability assessment, cyber protection, and cyber insurance coverage.


Through these investments, Tech Mahindra will bolster its global leadership and demonstrate its commitment in building differentiated capabilities for accelerating the digital transformation in the insurance, reinsurance, and financial services. CTC's expertise and experience in delivering marquee solutions for customers will complement Tech Mahindra's offering to provide end-to-end digital engineering, Artificial Intelligence, Machine Learning and DevSecOps capabilities. The acquisition will also help Tech Mahindra to scale its European presence with over 700 highly skilled IT professionals in contemporary technologies and processes.

Shares of the company declined Rs 61 or 3.54%, to settle at Rs 1,660.65. The total volume of shares traded was 144,450 at the BSE (Tuesday).

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