Indian IT services provider in the telecom space Tech Mahindra has picked up a minority equity stake inÂ European systems integrator Servista.
Financial details were not disclosed.
Tech Mahindra will be Servistaâ€™s exclusive delivery vehicle for three years and assist it in securing more large scale European IT Offshoring business.
Tech Mahindra expects the deal will drive its expansion into the European market place and enhance its business development capability.
Servista is headquartered in London with offices in Italy, France, Spain and Pune (India) and specializes in providing managed IT services on an offshore basis with core offerings in operating and business systems such as CRM, Billing, Operational Workflow, IT Systems Transformation and Testing.
Tech Mahindra gets the right to nominate a member on Servistaâ€™s board.
In its fiscal first quarter ended June 30, Tech Mahindra reported a net income of $62.5 million (up 52% over the same period in the previous fiscal year) on revenues of $271.9 million (up 29%). The company employs about 24,400 people.
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