Tech Mahindra today announced that it would be acquiring an 18.1% stake in Infotek Software and Systems and Vitaran Electronics for up to Rs 13 crore.These would be cash transactions, said the company in a BSE filing.
Tech Mahindra intends to leverage the presence of the companies in the Radio frequency Identification (RFID) space in building a strong footprint in the asset monitoring, tracking and automated billing solutions space.The investment will also help expand Tech Mahindras solution portfolio to cater to the smart city projects, said the company.
For the 12 month period ending 30h September, 2018, lnfotek had a revenue of Rs 29.2 crore and Vitaran, Rs 12.6 crore.lnfotek was incorporated in 2000 and trades in RFID products and provides supporting installation and software maintenance services.
Vitaran was incorporated in 2006 and trades in RFID products which form part of access control systems.
Both the companies are based in India.
Earlier this year, Tech Mahindra CEO CP Gurnani had said that the company would remain on the look out for acquisitions that would bring specific skills and capabilities to the company.
The companys most recent acquisition was DynaCommerce to help enhance its customer experience strategies.