New Delhi, IT company Tech Mahindra on Thursday said it has signed an agreement to acquire Canada-based Alluri Technologies Inc (Avant), picking up an 85 per cent stake initially for 28 million Canadian dollars (about Rs 171 crore).
Tech Mahindra will acquire the remaining 15 per cent equity shares of Avant after three years at a predetermined pricing formula, as per the agreements, the company said in an exchange filing.
“Tech Mahindra Consulting Group Inc, (“TMCG”), a wholly owned step-down subsidiary of the company, has today viz Thursday, 30th April, 2026, entered into and executed a Share Purchase Agreement with Alluri Technologies Inc., Srinivasa Varma Alluri and 17855931 Canada Inc., for the acquisition of Alluri Technologies Inc in one or more tranches,” the filing said.
The acquisition is expected to further strengthen Tech Mahindra’s service capabilities and deepen its industry expertise within the BFSI (Banking, Financial Services, and Insurance) vertical.
According to the filing, the company plans to acquire 85 per cent shareholding of Avant by July 31, 2026, and the balance 15 per cent will be acquired by June 30, 2029.
It will acquire the stake for cost “consideration of CAD 28 mn for 85 per cent shareholding of Avant subject to cash/working capital adjustments. The remaining 15 per cent equity shares of Avant shall be acquired after 3 years at a predetermined pricing formula as per the Agreements,” the filing said.
Tech Mahindra, BFSI and Public Sector Head – Americas, Roshan Shetty, said that the acquisition of Avant will strengthen our ability to serve financial institutions at a time when the sector is balancing growth with rapid digital change.
“By combining deep domain expertise with scaled technology delivery, we will help clients modernise core payment & wealth systems, improve customer engagement and respond faster to evolving market and regulatory demands,” he said.
The addition of Avant will enhance Tech Mahindra’s offerings across key areas, including real-time rail capabilities, wire modernisation, core payments cloud transformation, wealth management platforms, identity and access management solutions across North America, while creating new opportunities in open banking, commercial lending, regulatory compliance, and fraud and financial crime.
The strategic alignment also brings experienced sector talent and established client relationships, enabling faster and more scalable delivery across key markets, the statement said.
“Joining Tech Mahindra marks an exciting next phase for Avant. With our deep expertise in payments and wealth platforms combined with Tech Mahindra’s global scale and delivery capabilities, we look forward to helping financial institutions accelerate modernisation and deliver more secure, data-driven customer experiences,” Avant Techno Solutions, CEO, Srinivasa Varma Alluri said.
