Information Technology Services and Consulting organization Tech Mahindra Ltd has purchased 17.5% stake in US-headquartered telecom programming and software development firm Altiostar Networks Inc. for $15 million (almost Rs 95 crore).
In a stock exchange filing, Tech Mahindra said it would make the cash investment through its wholly-owned subsidiary Tech Mahindra (Americas) Inc.
The IT firm called it a portfolo interest in the beginning however encouraging virtualised Radio Access Network space.
A radio access organize is an innovation that associates singular gadgets to different parts of a system through radio associations. It is utilized as a part of 3G and 4G organize associations for cell phones.
Established in 2011, Altiostar Networks works out of Tewksbury in Massachusetts. It is the primary supplier of virtualised Radio Access Network (vRAN) answer for LTE innovation. LTE is a 4G versatile correspondences standard.
The organization has 220 employees spread crosswise over UK, Germany, India, Mexico, Argentina and Israel.
Tech Mahindra is a piece of the conglomerate Mahindra Group. The company’s consolidated income stood at Rs 29,918.4 crore for the financial year 2016-17, with a net profit of Rs 2,850.8 crore.
Tech Mahindra Limited is an Indian MNC giving data innovation, organizing innovation arrangements and Business Process Outsourcing to the digital, broadcast and telecommunications industry.
A month ago, Tech Mahindra had made a deal to buy additional stake in Comviva Technologies Ltd – a mobile financial and value-added services (VAS) solution provider – from the Bharti Group and private equity firm WestBridge Capital. After this acquisition, the company’s holding in Comviva Technologies increased to 99.17%.
In March a year ago, the organization had executed a clear consent to procure US-based human services programming supplier CJS Solutions Group LLC for a venture estimation of $110 million (Rs 734 crore). CJS Solutions works as the HCI Group, which represents considerable authority in giving data innovation administrations to human services suppliers and actualizes the Electronic Medical Records (EMR) programming.