Tech Mahindra acquired The BIO Agency

Q.  Which software exporter has acquired UK based BIO Agency?
- Published on 23 Jun 16

a. Tech Mahindra
b. Mahindra Comviva
c. Mahindra and Sons
d. None of the above

ANSWER: Tech Mahindra
 
Tech Mahindra, the country’s fifth largest software exporter, said it has acquired the U.K.-based The BIO Agency (BIO), which specialises in digital transformation across sectors such as retail, financial and travel.
  • The acquisition was in an all-cash deal for an enterprise value of up to 45 million pounds.
  • The payment of 22 million pounds and the surplus cash (of 5 million pounds) will be made upfront and the balance as deferred payments based on company performance
  • Tech Mahindra will acquire 100 per cent of shares in BPO. The closing date of the transaction is expected to take place in the first week of July 2016
  • The BIO Agency posted revenue of 12.5 million pounds during the fiscal year 2015-16 compared with 7.4 million pounds the previous year, according to the filing.

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