New Delhi, Jan 17 (UNI) Tech Mahindra on Monday announced 100 per cent acquisition of stakes in Europe-based IT solutions and service provider Com Tec Co IT (CTC) for 310 million Euros, (around Rs 26 billion), including earnouts and synergy-linked payouts.

With this acquisition, Tech Mahindra can tap into the potential industry disruption in the insurance sector, expand its offerings to high-end digital engineering services for some of the largest insurance, reinsurance and financial services organisations globally and scale its nearshore delivery presence.

“The Insurance industry is currently undergoing a significant transformation, which is driven by new emerging business models, powered by disruptive digital technologies.

"In order to enable this digital transformation, we are investing in strengthening our capabilities to support insurers in accelerating their transition to cloud-based platforms and provide end-to-end engineering with a strong European nearshore presence," said Tech Mahindra BFSI, HLS, and Corporate Development President Vivek Agarwal.

"We welcome the CTC team into the Tech Mahindra family, and expect to achieve significant market and service line synergies through this combination," he added.

In a statement here, Agarwal said, "Since our inception over 20 years ago, we have scaled sustainably entirely through customers’ recommendations and delivered award-winning strategic solutions for them in the insurance and reinsurance industry.

"Becoming part of a global entity like Tech Mahindra will give us immediate access to global scale and create a tremendous growth and development opportunity for our people and the business," said CTC Co-Founder Avraham Shaked.

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