Tech Mahindra acquires 80Percentage stake in Australian AI firm GeomaticAI

23 Feb 2022 , 01:35 AM

Tech Mahindra announced that its wholly owned subsidiary Tech Mahindra Singapore has proposed to acquire 80Percentage stake in Australian energy company engaged in geospatial services GeomaticAI for cost of AUD 6 million Tech Mahindra is creating a next generation Artificial Intelligence firm GeomaticAI to focus on digital platforms led non-linear growth in partnership with AusNet Services an Australian Energy Utilities distributor GeomaticAI will build digital twins for linear assets leveraging Cloud Drone and Mobility technologies in the Geospatial domain As part of this deal Tech Mahindra will have 80Percentage equity shareholding in GeomaticAI for consideration of AUS 6 million AusNet will have 20Percentage shareholding and transfer digital workforce Intellectual Property IP assets and client contracts to the newly formed entity This highly differentiated IP that Tech Mahindra 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 Tech Mahindra 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