Indian technology outsourcing services firm Tech Mahindra says its Brazilian subsidiary Complex IT has signed two deals with international business groups involved in the oil and banking industries in Latin America. The firm based in Hyderabad, India has not disclosed the financial details of the deal.
Under the agreement, Complex IT will deliver enterprise solutions to its new clients. “The new deals underscore the growing clout of Tech Mahindra in Latin America,” stated the Indian firm in a press release sent to India’s Bombay Stock Exchange.
Tech Mahindra has not disclosed its new banking client, but the other new client is the Brazilian energy firm Schahin Petroleo.
As per the deal, Complex IT will deploy SAP ERP, helping the Brazilian oil major streamline its financial reporting as well as its supply-chain management. In addition, the Brazilian firm will use Complex IT’s enterprise solutions to streamline its business operations.
“Complex IT has also signed a contract with a bank in Brazil to deliver enterprise business solutions,” said Tech Mahindra, without disclosing the name of its client.
The Indian tech firm, which bought a controlling stake in Complex IT for $23 million, seems to have ambitious plans to penetrate Latin America’s lucrative technology market. “Latin America is the next frontier of growth,” stated Tech Mahindra, claiming that it is well positioned to tap into this growth.
Complex IT has more than 120 active clients, including L’Oréal and Petrobras, and a workforce of over 500. The company earns over $82 million annually.
According to Indian newspapers, Tech Mahindra is hunting for deals in Latin America’s retail, aerospace and defense segments. The Latin American market offers big business opportunities to many Indian outsourcing companies because the local economies there are experiencing strong growth and the region serves as a low-cost destination for developed markets.