India: Tech Mahindra acquires 17.5% stake in US firm Altiostar for $15m

Photo: Reuters

Indian IT company Tech Mahindra Ltd (TML) on Thursday announced that it has acquired a 17.5 per cent stake in the U.S.-based telecom software development company Altiostar Networks for a cash consideration of $15 million.

TML routed the investment through its wholly owned subsidiary Tech Mahindra (Americas) Inc, it said in a BSE filing.

“This is a portfolio investment from Tech Mahindra Ltd (TML) in the nascent but promising and fast-growing virtualised Radio Access Networks space,” TML said in the filing.

The investment in the US company will be completed by January 19, 2018.

Founded in 2011 by Ashraf Dahod and headquartered in Tewksbury, Altiostar is a provider of virtualised radio access networks solution for LTE technology. Outside the US, it has a presence in UK, Germany, India, Mexico, Argentina, and Israel. The company employs close to 220 people.

Less than a year ago, TML, a provider of digital transformation, consulting and business reengineering services, had acquired another US firm CJS Solutions Group LLC, a healthcare IT consulting company, for $110 million. In March 2016, it had acquired UK-based Target Group, a provider of business process outsourcing and software solutions, for $164 million.

Part of the Mahindra Group, Tech Mahindra is a $4.6 billion company with over 117,000 employees across 90 countries.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.