Tech Mahindra has acquired 70 per cent stake in Perigord Asset Holdings Limited, a digital workflow and artwork, labelling and BPO services firm, for €21 million.

The remaining 30 per cent shares will be acquired over the next four years at a valuation linked to financial performance of the company.

The acquisition will help Tech Mahindra to augment expertise in the global pharmaceutical, healthcare and life science (HLS) sectors. “The strategic partnership will strengthen Tech Mahindra’s position as a leading digital transformation enabler in the artwork and packaging services space with an integrated platform and services portfolio. Additionally, Tech Mahindra will 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,” said a press statement.

Long-term plan

The acquisition is a part of Tech Mahindra’s long-term growth plan to build presence across key markets in Ireland, Germany, US, and India with enhanced global delivery.

Key vertical

Vivek Agarwal, President – BFSI, HLS and Corporate Development, Tech Mahindra, said, “Healthcare and Lifesciences (HLS) is a key vertical for Tech Mahindra and this acquisition will expand our footprint globally in these domains. Perigord’s disruptive proprietary platform and expertise in the artwork space and life sciences industry will add significant value to our offerings and capabilities. We welcome Perigord employees into the Tech Mahindra family and look forward to achieve great success together.”

Perigord offers packaging artwork services and software solutions for the pharmaceutical industry and had revenues of €19.5 million in calendar year 2020.

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