Tech Mahindra buys Lodestone and WMW; stock hits 52-week high

The acquisition will bolster Tech Mahindra’s digital engineering capabilities to effectively utilize data strategy and address machine learning challenges.

Oct 26, 2021 11:10 IST India Infoline News Service

Tech Mahindra has announced the acquisition of Lodestone, a leading digital engineering quality assurance provider for new age digital companies. The acquisition will bolster Tech Mahindra’s digital engineering capabilities to effectively utilize data strategy and address machine learning challenges.

The strategic announcement will further enhance Tech Mahindra’s capability to provide end-to-end product quality assurance across hardware, software, and data layers to strengthen the company’s positioning as a leading digital transformation enabler in the engineering space.

Vivek Agarwal, President – BFSI, HLS and Corporate Development, Tech Mahindra, said, “the acquisition of Lodestone is in line with our strategy to strengthen digital capabilities and provide enhanced and comprehensive transformation services to our customers globally. This will bring significant synergies to complement our domain expertise and will help drive growth going forward. We welcome Lodestone’s associates into the Tech Mahindra family.”

The stock is currently trading at Rs1,591.55, up by Rs67.15 or 4.41% from its previous closing of Rs1,524.40 on the BSE. The scrip opened at Rs1,569.70 and has touched a high and low of Rs1,629.40 and Rs1,567.30 respectively.

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