Tech Mahindra is set to take on board some employees of US-Israel firm Comverse as part of deal in which it will also provide digital services to the Nasdaq-listed company.
The two companies did not spell out how many Comverse employees would move to Tech Mahindra. The size of the transaction was also not disclosed.
“The on-boarding of Comverse’s expertise will help Tech Mahindra significantly, as we are one of the comprehensive integrators of technology services to communications service providers. This move will help us augment our investments in start-up ecosystems, research and development, and network services,” said CP Gurnani, Chief Executive Officer of Tech Mahindra.
The majority of the employees, who will come on-board with Tech Mahindra as part of this initiative, are based in Israel, the US and several countries in Asia Pacific and the EMEA (Europe, Middle-East & Africa) region. The programme is expected to be implemented starting June 1. Going forward, Tech Mahindra also intends to partner with Comverse to setup a research and development centre in Israel.
In a press statement, Tech Mahindra said that it will ‘complement Comverse’s R&D and engineering operations through innovation in product development techniques and just-in-time capability reinforcement’.
Comverse is a provider of network monetisation and revenue management software for carriers. It is said to have a customer base that spans more than 125 countries with solutions delivered to over 450 communication service providers and enterprises.
Tech Mahindra shares were down by 0.86 per cent to close at ₹659 on the Bombay Stock Exchange.