Tech Mahindra to bolster financial services capabilities with ANZ acquisitions

By Edil Corneille

Today, Tech Mahindra announced the strategic acquisition of Momenton, a digital enterprise technology firm, offering consultancy and implementation services, and Tenzing, a technology consulting company. Tech Mahindra has acquired 100 per cent equity in both the organizations, and together they will enable digital capabilities, modern cloud-based architecture and transformation for customers in ANZ’s (Australia and New Zealand) financial services and other sectors.

Vivek Agarwal, Head Corporate Development & Global Head for Healthcare and Financial Services, Tech Mahindra said, “The acquisition of Momenton and Tenzing Ltd, are in line with our strategy to strengthen our digital capabilities, and offer our clients end-to-end transformation services. This will significantly enhance our local presence in the markets, and the combination will create significant synergies and help in bringing next generation solutions to customers enabling them to run better, change faster and grow greater…”

Jeff Ferdinands, Country Head – ANZ, Tech Mahindra said, “The addition of Momenton and Tenzing Ltd will further strengthen Tech Mahindra’s position in the ANZ marketplace, especially in the Financial Services sector, enabling the organization to deliver comprehensive suite of technology, stronger onsite services and enhanced customer experience…”

Momenton, is a Melbourne-based digital enterprise technology firm offering consultancy and implementation services in enterprise agility, product enablement, engineering and emerging technology to clients across industries with advanced capabilities in digital engineering and cloud native architectures.

Bobby Singh, Momenton Founder said, “This acquisition represents an important step in Momenton’s growth journey. It provides our organisation and its people with extensive global reach and the ability to tap into significantly more opportunities in this fast-growing market. This acquisition will further enhance and strengthen our client relationships and enable us to expand the set of capabilities and services we currently offer by drawing on the combined experience of Momenton and Tech Mahindra…”

Tenzing is a management and technology consultancy offering business strategy, insurance core system transformation, program management, target operating model design across industries and public sector organizations.

Suri Bartlett and Chris Day, Joint Managing Directors, Tenzing Ltd said, “Tenzing Ltd is a market leader in the delivery of management consulting and technology services to a wide range of industries in New Zealand and Australia. Joining forces with Tech Mahindra will enable Tenzing Ltd to rapidly scale up our existing service offerings and facilitate the provision of a wider range of solutions to our existing and new customers in the ANZ region…”

The acquisitions underline Tech Mahindra’s focus on digital growth, under the TechMNxt charter, which focuses on leveraging next generation technologies and solutions to disrupt and enable digital transformation, and to build and deliver technology solutions and services to address real world problems to meet the customer’s evolving and dynamic needs.