New Delhi, Mar 12 (PTI) IT company Tech Mahindra will acquire 100 per cent stake in Mumbai-based enterprise application company Thirdware for USD 42 million (about Rs 322 crore) in an all-cash deal, the company said on Saturday.

The acquisition is expected to bolster Tech Mahindra's digital solutions and services in automotive consulting, design, development and implementation in areas like enterprise resource planning, industrial internet of things etc.

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"Tech Mahindra will pay total consideration of up to USD 42 million including earnouts...Thirdware's capability to provide end-to-end implementations and global rollouts of ERP solutions will give Tech Mahindra an edge in the manufacturing space," Tech Mahindra said in a regulatory filing.

Thirdware Solutions has over 850 employees. It closed the financial year 2020-21 with a revenue of Rs 210.6 crore and recorded a turnover of Rs 226.5 crore in the first 10 months of the current fiscal year.

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Tech Mahindra expects to complete the acquisition by May this year.

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