Tech Mahindra to Acquire 80% Stake in Australian Artificial Intelligence Company

Indian IT services major Tech Mahindra (TECHM, BOM:532755), through its Singapore-based subsidiary, has entered into an agreement to acquire an 80% stake in recently formed Australian artificial intelligence firm Geomatic.AI for AU$6 million ($4.3 million).

Geomatic.Ai Pty was incorporated in partnership with Australian energy and utilities distributor Ausnet Services to operate in the field of energy and utilities, according to a post-market hours filing on Tuesday.

As part of the deal, Ausnet will have a 20% shareholding in Geomatic.AI and will transfer digital workforce, intellectual property, assets, and client contracts to the newly formed entity.

Price (INR): ₹1439.65, Change: ₹+49.50, Percent Change: +3.56%

04:59Feb 16, 2022MT Newswires

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