Tech Mahindra Limited has officially announced the acquisition of Alluri Technologies Inc. (operating as “Avant”), a Canadian firm specializing in payments modernization and wealth platforms. The transaction was executed on April 30, 2026, through Tech Mahindra Consulting Group Inc., a wholly owned step-down subsidiary. This strategic move is intended to enhance the company’s service capabilities and industry expertise within the Banking, Financial Services, and Insurance (BFSI) vertical.

The acquisition involves the initial purchase of an 85% equity stake for a cash consideration of CAD 28 million (approximately Rs. 194 Crores), which is expected to be completed by July 31, 2026. The remaining 15% shareholding will be acquired by June 30, 2029, based on a predetermined pricing formula. Avant brings a robust portfolio to the table, including Real-Time Rail capabilities, ISO 20022 migration, and cloud transformation for core payments. With over 240 employees and contractors, Avant’s integration is set to provide Tech Mahindra with established client relationships and specialized sector talent across North America.

Tech Mahindra is a leading global provider of digital transformation and consulting services, employing over 147,000 professionals across 90+ countries. As part of the Mahindra Group, the company offers a broad spectrum of services, including AI & analytics, engineering services, and cloud infrastructure. Throughout 2025, the company maintained its focus on “Scale at Speed™” imperatives and continued to be recognized for its sustainability efforts, being the first Indian company to receive the Terra Carta Seal. Recent developments in 2025 emphasized the company’s expansion into AI-led capabilities and strengthening its presence in the Americas and European markets.

For the period ending December 31, 2025, the target entity, Avant, reported a turnover of CAD 58.64 million (Rs. 406.96 Crores). This represents a steady growth from its CY24 turnover of CAD 53.68 million (Rs. 372.53 Crores) and a significant increase from the CAD 31.18 million (Rs. 216.38 Crores) recorded in CY23. While Tech Mahindra’s broader ownership includes institutional investors and the promoter Mahindra & Mahindra Group, the company continues to attract interest from prominent global funds due to its consistent performance in the IT sector.