Tech Mahindra acquires OCSI for $3.27Mn
MANILA, PHILIPPINES — Information technology (IT) firm Tech Mahindra has acquired a 100% stake in business outsource processing (BPO) firm Orchird Cybertech Services Inc. (OCSI) for AU$5 million (US$3.27 million).
vCustomer Philippines Inc., Tech Mahindra’s wholly-owned subsidiary, approved the acquisition on February 20.
The deal will further boost Tech Mahindra’s service offerings in the Philippines. OCSI’s assets and personnel will integrate into Tech Mahindra. OCSI serves TPG Telecom, utilizing a labor force of approximately 2,950 full-time employees.
“This deal further strengthens the relationship with TPG and aids in expanding existing customer experience capabilities and business in the Philippines,” Tech Mahindra said.
OCSI was incorporated on October 15, 2004, in the Philippines. It recorded a turnover of US$37.3 million in fiscal year 2023, US$34.8 million in fiscal year 2022, and US$29.9 million in fiscal year 2021.
Tech Mahindra reported a 61% year-on-year drop in Q3 net profit to $61 million, as revenue declined 5.7% to $1.57 billion. The IT firm cited poor performance in its key verticals, such as communications and banking.
