Welsh FinTech Target Group has been acquired in a £112m deal.
Indian giant Tech Mahindra has completed a deal for 100% of the shares in the Newport-headquartered firm.
Target Group was founded in 1975 and today provides business process as a service offerings in the areas of lending and investment products for over 50 major financial institutions across the globe.
It is led by former Capita managing director Peter O’Connor (pictured), who was promoted from COO to CEO in 2023.
Technology Holdings was the exclusive advisor to Tech Mahindra on the transaction.
Tech Mahindra is a specialist in digital transformation, consulting and business re-engineering solutions with revenues in excess of $4bn.
It said the acquisition will help it to automate end-to-end processes in the lending, investments and insurance market.
“Target Group’s strong IP and disruptive proprietary platform significantly enhances our FinTech offerings,” CP Gurnani, MD & CEO, Tech Mahindra.
“This acquisition will make us a formidable player in the UK BFSI market with over 50 major financial institutions as clients.
“The acquisition lies at the confluence of several of our strategic priorities – add IP, double BFSI revenue and expand European footprint. We look forward to welcoming Target Group’s employees into the Tech Mahindra family.”
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