The IT services provider Tech Mahindra said on Tuesday that, through a wholly-owned subsidiary, it has acquired a 100% share in Orchid Cybertech Services Inc. (OCSI), a customer experience company with headquarters in the Philippines.
“We would like to announce that today, February 20, 2024, at 05:55 a.m. (IST), the company, through its wholly-owned subsidiary, vCustomer Philippines Inc., approved the acquisition of 100% equity shares in Orchid Cybertech Services, Inc. (OCSI) and executed the relevant transaction documents,” the company stated in a regulatory filing. According to the company, the acquisition cost is AUD 5.
With roughly 2,950 full-time workers, Orchid Cybertech Services offers TPG Telecom services related to the customer experience. The company’s revenue for the fiscal year that concluded on July 31, 2023, was $37.3 million. The revenue for the prior fiscal year was $34.8 million, and the revenue for the previous fiscal year was $29.9 million.
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The relationship between Tech Mahindra and TPG Telecom (TPG) is long-standing. The agreement, it continued, will help to develop current customer experience capabilities and business in the Philippines while also fortifying the relationship with TPG.
“This transition and the realization of additional revenue will be made easier with the acquisition of OCSI.” OCSI will merge with Tech Mahindra as part of this deal, along with its assets and staff, and Tech Mahindra will offer TPG customer support and other services,” the statement indicated.
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