Tech Mahindra — M&A Activity 2024

Feb 20, 2024

Tech Mahindra Limited

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Sharda Centre, Off Karve Road, Pune - 411004, Maharashtra, India Tel. +91 20 6601 8100 Fax. +91 20 2542 4466 techmahindra.com connect@techmahindra.com CIN L64200MH1986PLCO41370

20[th] February, 2024

To BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001. Scrip Code : 532755

National Stock Exchange of India Limited Exchange Plaza, 5[th] floor, Plot No. – C/1, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051. NSE Symbol : TECHM

Sub: Acquisition of 100% stake in Orchid Cybertech Services Inc. (“OCSI”)

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that the Company through its wholly owned subsidiary viz., vCustomer Philippines Inc. has today i.e. February 20, 2024 at 05:55 a.m. (IST), approved the acquisition of 100% equity shares in Orchid Cybertech Services, Inc, (“OCSI”) and executed the relevant transaction documents.

In this regard, please find enclosed herewith the disclosure containing the details pursuant to Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with the SEBI circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023 as Annexure I.

This is for your information and records.

Thanking you,

For Tech Mahindra Limited

Anil Digitally signed by Anil Mohanlal Mohanlal Khatri Date: 2024.02.20 Khatri 08:45:07 +05'30' Anil Khatri Company Secretary

Encl.: As stated above

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Annexure I

Sr. No.	Items for Disclosure	Description
1	Name of the target entity, details in brief suc as size, turnover etc.;	h The Target entity: Orchid Cybertech Services Inc. (OCSI) provides Customer experience related services to TPG Telecom. It has about 2,950 full time employees. The turnover of OCSI for the FY ended on July 31, 2023 was US$37.3 Mn
2	Whether the acquisition would fall withi related party transaction(s) and whether th promoter/ promoter group/ group companie have any interest in the entity being acquired If yes, nature of interest and details thereof an whether the same is done at “arm’s length”;	n e s ? d No, this is not a related party transaction and the Promoter / Promoter Group / Group Companies do not have any interest in the acquired entity.
3	Industry to which the entity being acquire belongs;	d Business Process Outsourcing (BPO)
4	Objects and effects of acquisition (includin but not limited to, disclosure of reasons fo acquisition of target entity, if its business outside the main line of business of the liste entity);	g r is d Tech Mahindra has long standing relationship with TPG Telecom (TPG). This deal further strengthens the relationship with TPG and aids in expanding existing customer experience capabilities and business in the Philippines. Acquisition of OCSI will facilitate this transition and enable incremental revenue to be realized. As part of this transaction OCSI, including its assets and employees, will become part of Tech Mahindra and Tech Mahindra will provide customer support and other services to TPG.
5	Brief details of any governmental o regulatory approvals required for th acquisition;	r e None
6	Indicative time period for completion of th acquisition;	e February 20, 2024

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7	Nature of consideration - whether cas consideration or share swap and details of th same;	h e All cash consideration
8	Cost of acquisition or the price at which th shares are acquired;	e Cost of acquisition is AUD 5 Million
9	Percentage of shareholding / control acquire and / or number of shares acquired;	d Acquisition of 100% shareholding.
10	Brief background about the entity acquired i terms of products/line of business acquire date of incorporation, history of last 3 yea turnover, country in which the acquired entit has presence and any other significa information (in brief);	n d, rs y nt OCSI was incorporated on October 15, 2004 in Philippines and it provides Customer experience related services to TPG Telecom. The Turnover of OCSI during the last three years is given below : FY23: US$37.3 Million FY22: US$34.8 Million FY21: US$29.9 Million

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