Tech Mahindra Ltd. has acquired European IT firm Com Tec Co IT Ltd. for €310 million, including earnouts and synergy-linked payouts. CTC is an IT solutions and services provider looking into the insurance and financial services industries, with development centres in Latvia and Belarus.

Tech Mahindra said the acquisition will help expand its offerings to high-end digital engineering services  for some of the largest insurance, re-insurance and financial services organisations globally and scale its nearshore delivery presence and  will also help Tech Mahindra scale up its European presence with over 700 highly skilled IT professionals in contemporary technologies and processes, the company said.

“The insurance industry is currently undergoing a significant transformation driven by new emerging business models that are powered by disruptive digital technologies," Vivek Agarwal, president - BFSI, HLS, and corporate development at Tech Mahindra, said. "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.

“Becoming a 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 Avraham Shaked, cofounder at Com Tec Co IT Ltd.