Tech Mahindra subsidiary to acquire Avant for CAD 28 mn

Tech Mahindra Consulting Group Inc. (TMCG), a wholly-owned step-down subsidiary of Tech Mahindra, has entered into an agreement to acquire Alluri Technologies Inc. ("Avant"). Avant, headquartered in Canada with over 240 employees, specializes in payments modernization and wealth platforms for North American banks, along with emerging AI-led capabilities. This acquisition aims to significantly strengthen Tech Mahindra's BFSI (Banking, Financial Services, and Insurance) vertical, deepen its industry expertise, and integrate experienced sector talent and client relationships. The initial acquisition involves 85% of Avant's shareholding for CAD 28 million, expected to conclude by July 31, 2026. The remaining 15% will be acquired by June 30, 2029. Avant reported a turnover of CAD 58.64 million (₹406.96 Crores) and a net worth of CAD 10.76 million (₹74.68 Crores) as of December 31, 2025.