Tech Mahindra to acquire 80% stake in Australian artificial intelligence firm Geomatic.AI

16 Feb 2022 , 09:45 AM

Tech Mahindra on Tuesday said it will acquire an 80% stake in Australian artificial intelligence firm Geomatic.AI for 6 million Australian dollars (about Rs32 crore) through its Singapore-based subsidiary.

Geomatic.Ai Pty is a company incorporated under Australian laws on February 7, 2022, and operates in the field of energy and utilities.

At around 9.33 AM, Tech Mahindra Ltd was trading at Rs1,443.40 per piece up by Rs3.95 or 0.27% from its previous closing of Rs1,439.45 per piece on the BSE.

“As part of this deal, Tech Mahindra will have 80% shareholding in Geomatic.AI for consideration of Australian dollar 6 million. Ausnet will have 20% shareholding and transfer digital workforce, intellectual property, assets and client contracts to the newly formed entity,” company said in a regulatory filing on Tuesday.

“This highly differentiated IP that TechM gains will position it uniquely to deliver Drone Technologies, Digital Twins, Artificial Intelligence led services to linear asset-intensive industries viz. Energy & Utilities, Transportation, Oil & Gas and Public Sector. TechM intends to further enrich this IP and take it to the American and European geographies where it sees heightened demand for this digital platform offering.

The deal has been signed and closed simultaneously,” it added.