Tech Mahindra announced it has acquired 80 per cent equity shareholding in Geomatic.ai.
According to the company’s exchange filing, “we wish to inform that the wholly owned subsidiary of the Company viz., Tech Mahindra (Singapore) Pte. Ltd has approved the proposal to acquire 80% equity shares in Geomatic.ai Pty Ltd.”
Tech Mahindra (TechM) is creating a next-generation Artificial Intelligence firm, Geomatic.AI to focus on digital platforms led non-linear growth, in partnership with AusNet Services, an Australian Energy & Utilities distributor. Geomatic.AI will build digital twins for linear assets leveraging Cloud, Drone and Mobility technologies in the Geospatial domain, according to the statement.
As part of this deal, TechM will have 80% equity shareholding in Geomatic.AI, for consideration of A$6m. AusNet will have 20% shareholding and transfer digital workforce, Intellectual Property (IP), assets and client contracts to the newly formed entity. This highly differentiated IP that TechM gains will position it uniquely to deliver Drone Technologies, Digital Twins, Artificial Intelligence led services to linear asset intensive industries viz. Energy & Utilities, Transportation, Oil & Gas and Public Sector. TechM intends to further enrich this IP and take it to the American and European geographies where it sees heightened demand for this digital platform offering, the statement said.
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