Tech Mahindra buys digital firms Momenton and Tenzing
Tech Mahindra has bolstered its digital transformation offering in Australia and New Zealand (ANZ) through two new acquisitions – digital enterprise specialist Momenton in Australia, and tech-specialised management consultancy Tenzing in New Zealand.
Momenton is based in Melbourne, founded in 2015 as a team of digital engineering and cloud-tech experts who support clients with enterprise agility, product enablement and emerging technology. With cross-sectoral expertise, the firm has a distinct focus on the financial services industry.
Tenzing is based in Auckland, providing end-to-end tech consulting services such as business & IT strategy, transformation, programme management and operating model design. The firm was founded in 2008, and has since built a notable client pool across the public and private sectors.
Following a 100% equity acquisition in both firms, Tech Mahindra is charging on with its digital offering in the ANZ region. As explained by the firm’s Head of Corporate Development Vivek Agarwal, the move “will significantly enhance our local presence in the markets, and the combination will create significant synergies and help in bringing next generation solutions to customers enabling them to run better, change faster and grow greater.”
The mission statement echoes that of the TechMNxt charter – Tech Mahindra’s comprehensive approach to ushering in the new era of disruptive tech. With a focus on artificial intelligence, 5G, blockchain and cyber security, TechMNxt aims to ride the wave of new technology, digital consumption and the world of intelligent devices.
The charter is far-reaching, and the two new acquisitions are specifically focused on cloud computing and digital transformation – trends that are booming across ANZ. Country Head of Tech Mahindra ANZ Jeff Ferdinands explained how the two firms will nestle within the Tech Mahindra offering.
“The addition of Momenton and Tenzing will further strengthen Tech Mahindra’s position in the ANZ marketplace, especially in the financial services sector, enabling the organisation to deliver comprehensive suite of technology, stronger onsite services and enhanced customer experience.”
With major global tech players honing in on the ANZ market, such a boost could be crucial for Tech Mahindra's regional competitiveness. Ferdinands also noted the match between global scale and local reach in the new deal. “Tech Mahindra through its distributed delivery model will enable Momenton and Tenzing to amplify and deliver a wider range of services to our combined customer base.”
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Since entering in 1998, Tech Mahindra has managed to amass a significant presence in the ANZ market. Offices in Brisbane, Sydney, Melbourne, Perth and Auckland – as well as delivery centres in Sydney and Melbourne – help maintain more than 45 client relationships.
Serving these clients are 5,000 Tech Mahindra associates – about 50% of which are localised. As hinted by Ferdinands, Momenton’s team in Melbourne and Tenzing’s Auckland and Wellington locations will now help boost this on site presence, while the two firms are expecting to benefit from Tech Mahindra’s scale and resource pool.
Momenton founder Bobby Singh described the move as “an important step in Momenton’s journey.” He continued: "This acquisition will further enhance and strengthen our client relationships and enable us to expand the set of capabilities and services we currently offer by drawing on the combined experience of Momenton and Tech Mahindra.”
Tenzing Managing Director Suri Bartlett signaled similar expectations. “Joining forces with Tech Mahindra will enable Tenzing to rapidly scale up our existing service offerings and facilitate the provision of a wider range of solutions to our existing and new customers in the ANZ region.”
