Pune: City-based tech firm Zensar has announced its intention to acquire US-based data firm M3bi, which will substantially increase its interests in the digital space, and its clientele in the US market.
Zensar can potentially pay up to $33 million till 2024 to acquire the Arizona-based firm, subject to clearance by US regulators and performance-related incentives, Zensar CEO and managing director Ajay S Bhutoria told TOI.
“We have identified five major areas of growth, which includes advanced engineering, data engineering, and software as a service (SaaS), among others. This acquisition helps in that regard. M3bi brings expertise in data engineering, AI, machine learning, and a marquee list of clients in the US market, including Fortune 500 companies,” Bhutoria said.
Despite being based in Pune, Zensar’s core markets are in the United States, Europe, and South Africa. And the pandemic has affected Zensar’s revenues in the past few quarters.
“M3bi, like us, has significant interests in banking, finance, and insurance, which have done well over the past year. We have also improved our EBITDA and cash position,” he said.
Like other tech companies, Zensar said that it has also started to hire, with nearly all its employees working from home in different cities in India. Bhutoria said that it will adopt a wait-and-watch approach before “returning to the office” in India.
“The rapid pace of vaccinations in the United States means that we can think of a return to office sooner there than in India. Work-from-home is working extremely well,” he remarked.