Tech Mahindra on Monday announced it has acquired majority stake in Perigord Asset Holdings Limited (Perigord), a leading supplier of consultancy and labelling artwork solutions to the pharmaceutical industry globally, for an undisclosed sum.
“… we wish to inform that the Investment Committee of the Board of Directors of the Company has approved the proposal to acquire 70% equity shares in Perigord Asset Holdings Limited (“Perigord”) directly and indirectly through its wholly owned subsidiary viz. Mahindra Engineering Services (Europe) Ltd,” Tech Mahindra said in an exchange filing.
This acquisition will help Tech Mahindra to augment expertise in the global pharmaceutical, healthcare and life science (HLS) sectors, the company said in a statement.
“Perigord’s disruptive proprietary platform and expertise in the artwork space and life sciences industry will add significant value to our offerings and capabilities,” said Vivek Agarwal, President, BFSI, HLS and Corporate Development, Tech Mahindra.
Perigord specializes in end to end, but not limited to, disclosure of reasons for packaging supply chain solutions to the acquisition of target entity, if its business is Life Sciences Industry such as Packaging Artwork & Labelling Services, Strategic, Consultaney, Creative and Digital, Strategic Outsourcing, managed Services and Software Solutions.
The acquisition is a part of Tech Mahindra’s long-term plan to build presence across key markets in Ireland, Germany, the US and India with enhanced global delivery.
“Tech Mahindra Limited will acquire the Indian subsidiary of Perigord namely Perigord Data Solutions India Private Limited and Perigord Premedia (India) Private Limited. Mahindra Engineering Services (Europe) Ltd will acquire the other legal entities of Perigord,” regulatory filing said.
“Healthcare and Lifesciences (HLS) is a key vertical for Tech Mahindra and this acquisition will expand our footprint globally in these domains,” Agarwal added.
Tech Mahindra will also leverage Perigord’s expertise and offerings to extend capabilities towards delivering efficiency and automation levers, across sectors including consumer packaged goods (CPG), medical devices and over the counter (OTC) products to enable growth and scalability in the future.
“Both companies’ future ambitions and desires to digitally transform the world of pharmaceutical packaging services will deliver long term innovative solutions to our clients that will future proof their needs over the next 10 years,” said Alan Leamy, CEO, Perigord Asset Holdings Ltd.
Share price of Tech Mahindra was trading at Rs 1,016.00, up by 1.27 per cent on the BSE.