Pune : Zensar Technologies Limited announced on Saturday announced the acquisition of M3bi, a Scottsdale, Arizona based data engineering and digital engineering firm.
As per the definitive agreement Zensar Technologies Ltd will acquire the entire share capital of M3bi Private Limited, the India subsidiary of M3bi LLC. Zensar will acquire the entire share capital of M3bi LLC. This acquisition will be completely funded by internal accruals.
For the acquisition, Zensar will make aggregate upfront payment of $24 Million and performance based deferred payments over 36 months not exceeding $9 Mn.
M3bi LLC was founded in 2010 and is headquartered in Scottsdale, Arizona, US and provides information technology services including data engineering, business intelligence &analytics, data warehousing and big data, and digital engineering services, including mobile and user experience and user interface development. M3bi LLC reported consolidated revenue of USD 26.75 million in the 2020 calendar year.
The acquisition of M3bi will augment Zensar’s thrust in the data engineering, analytics and AI/ML and advanced engineering services. The acquisition will add marquee clients to Zensar’s portfolio in Banking, Financial Services & Insurance and other verticals.
“We are reinforcing our strategic growth charter with the acquisition of M3bi. Our acquisitions in recent years have enhanced our competitiveness, bringing value to our customers. The team steered by Anir and Suresh brings a combination of capabilities and strong client relationships to our fold” Harsh Goenka, Chairman of RPG Enterprises and Zensar Technologies, said.