IT major Tech Mahindra has acquired Osaka-based K-Vision which is primarily engaged in providing network services for mobile communication carriers in Japan.
The company’s board has granted approval for the acquisition of K-Vision Co through its wholly-owned subsidiary Mahindra Engineering Services (Europe) Limited.
"The enterprise value of the deal is 1.5 million dollars (about Rs 10 crore) and it is expected to close by March 31," Tech Mahindra said. The deal was signed on Thursday.
"Mahindra Engineering Services (Europe) Limited intends to leverage the local presence and expertise of K-Vision to build its network services business in Japan. In the near term, Tech Mahindra will support the 4G and 5G network build and roll-out in Japan for large telecom players."
K-Vision clocked a revenue of 3.3 million dollars (about Rs 23 crore) in the financial year ending March 31, 2018. For the 12 month period ending January 31, 2019, the company had a revenue of 4.8 million dollars (about Rs 33 crore).