"There is also a significant opportunity to cross-sell offerings between the companies and extend the platform to other markets."
Tech Mahindra will acquire 100% of the share capital of Target Group following four years of expansion under the ownership of Pollen Street Capital.
Tech Mahindra now plan to extend Target's platform to other markets.
Target Group is headquartered in the UK and has about 800 employees. The management team, led by Co-Group CEOs, Ian Larkin and Bill Alley, will remain with the business to ensure continuity and acceleration of the current strategy.
Paddy Byrne, Chairman of Target Group, said: “Target Group has been focused on building expertise in the lending, investments and insurance sectors, becoming a market leading player in each of our verticals. By joining with the $4bn Tech Mahindra, it will allow us to serve our clients better through greatly expanding the solutions and services we provide. We have built a strong and extremely credible management team which has enabled us to create a strong brand in our chosen markets, and we relish the opportunity to take the combined Target Group/Tech Mahindra proposition to broader sectors and geographies within the Banking, Financial Services and Insurance markets.”
CP Gurnani, MD & CEO of Tech Mahindra, added: “Target Group’s strong IP and disruptive proprietary platform significantly enhances our Fintech offerings. This acquisition will make us a formidable player in the UK BFSI market [Banking, Financial Services and Insurance] with over 50 major financial institutions as clients. There is also a significant opportunity to cross-sell offerings between the companies and extend the platform to other markets. The acquisition lies at the confluence of several of our strategic priorities – add IP, double BFSI revenue and expand European footprint. We look forward to welcoming Target Group’s employees into the Tech Mahindra family.”
