Tech Mahindra has signed a definitive agreement to acquire SOFGEN Holdings, a niche consulting and services company with worldwide presence specializing in private / wealth, commercial and retail banking solutions.
The transaction is expected to close by March 2015, subject to regulatory approvals.
SOFGEN has 450+ employees with 20+ Tier 1 client relationships. Delivering solutions "in and around" core banking the company has the 2nd largest pool of Avaloq consultants in the world and is Temenos’ most prolific partner.
With this acquisition, Tech Mahindra will have the capability to offer a unique combination of "Change the Bank and Run the Bank" services to Retail banking, Private Banking and Wealth Management customers globally.
"This acquisition gives us an opportunity to enhance our expertise to implement modernized Core Banking & Transformation services capabilities. This milestone in the growth journey of Tech Mahindra will establish us as a significant player in the specialized & rapidly growing Private Banking and Wealth Management segment globally." said CP Gurnani, MD & CEO, Tech Mahindra.
"In the past decade, SOFGEN has grown to be a leading player in the niche market segments such as Private, Wealth, Retail and Commercial Banking. Bringing SOFGEN into the Tech Mahindra fold will give us access to new geographies, and a different magnitude of customer relationship." said Alexander Dembitz, Chairman SOFGEN. "The highly experienced consultant work-force, coupled with the size and scale of Tech Mahindra will help us deliver compelling value to our prestigious customers globally."