Tech Mahindra acquires Avant Techno to boost payments modernization
PUNE, INDIA — Tech Mahindra has acquired Avant Techno Solutions, a Canada-based firm specializing in payments modernization and wealth platforms, the Indian IT services giant announced.
According to a company press release, the deal strengthens Tech Mahindra’s Banking, Financial Services, and Insurance (BFSI) vertical with capabilities in Real Time Rail, ISO 20022 migration, wire modernization, core payments cloud transformation, and wealth management platforms across North America.
The acquisition lands as financial institutions accelerate investment in automation, cloud platforms, and data intelligence, raising the stakes for outsourcing providers competing for modernization mandates.
Deepening BFSI capability across payments and wealth
Founded in 2017 and operating as Alluri Technologies Inc., Avant brings specialized expertise in payments and wealth management platforms, along with emerging AI-led capabilities focused on tangible business outcomes.
The deal layers Avant’s domain depth on top of Tech Mahindra’s global delivery scale, opening expanded service lines in open banking, commercial lending, regulatory compliance, and fraud and financial crime.
Avant also brings experienced sector talent and established North American client relationships into Tech Mahindra’s BFSI portfolio.
“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,” said Roshan Shetty, BFSI and Public Sector Head – Americas at Tech Mahindra.
He added that combining “deep domain expertise with scaled technology delivery” will help clients modernize core payment and wealth systems, improve customer engagement, and respond faster to evolving market and regulatory demands.
Targeting legacy simplification and speed to market
Financial institutions in North America are under sustained pressure to simplify legacy environments, accelerate time to market, and strengthen trust frameworks against rising regulatory and fraud risks.
Tech Mahindra’s expanded capability positions the firm to support those mandates with a sector-specific delivery model that blends payments expertise, wealth platform depth, and identity and access management solutions.
The deal also gives Avant’s client base immediate access to Tech Mahindra’s global delivery footprint and broader services portfolio.
“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 modernization and deliver more secure, data driven customer experiences,” said Srinivasa Varma Alluri, CEO of Avant Techno Solutions.
The acquisition reflects an accelerating consolidation push across the global IT and BFSI outsourcing industry, where firms including Infosys, Wipro, TCS, and Cognizant are racing to absorb specialized payments and wealth platform providers.
As North American banks and wealth managers demand fewer vendors with deeper domain expertise, niche acquisitions are emerging as the dominant playbook for BFSI outsourcing growth in the region.
