Tech Mahindra to acquire stake in US-based firm

IT major Tech Mahindra on Thursday announced that it will acquire 17.5 per cent stake in Altiostar Networks, a US-based telecom software development company for US$15 million.

The company, in a regulatory filing, said that it will be acquiring a shareholding in Altiostar Networks, USA, through its wholly-owned subsidiary Tech Mahindra (Americas), USA. Altiostar Networks was founded in 2011 and has presence across six countries in Europe, Latin American and Asia Pacific regions.

Earlier this week, the company partnered with Israeli firm ContextSpace Solutions to develop the world's first global software privacy ecosystem, MyData Shield.

Tech Mahindra Limited is an Indian MNC providing information technology, networking technology solutions and Business Process Outsourcing to the telecommunications industry.

At 10:13 hours, Tech Mahindra was trading at Rs. 548.50 per share, down Rs. 4.10 or 0.74 per cent on NSE. The scrip opened at Rs. 553 and touched a high of Rs. 558.50 and a low Rs. 547.05 per share on NSE. The stock is trading 2.8 per cent lower than its 52-week high of Rs. 564.55. The stock attracted a traded volume of 4,00,822 shares on NSE.