Indian IT services firm Zensar Technologies has acquired a US-based data engineering firm M3bi, winning access to dozens of American financial services providers that have long been a major source of revenue for its Indian peers.
Pune, India-based Zensar has not disclosed what it paid for the acquisition, but Indian media reports have put the price at US$33 million.
Scottsdale, Arizona-based M2bi has employed around 450 professionals, with a large majority of them operating out of India.
Zensar seems to have been attracted by M3bi’s deep-pocketed clients rather than its digital solutions. Its clients include Tableau, Microstrategy, HortonWorks, Birst, Datameer, and Tricentis.
“The acquisition gives Zensar access to Fortune 500 clients, mainly in the BFSI sector. It will also provide opportunities to cross-sell services,” reported India’s financial daily The Economic Times, quoting Zensar chairman Harsh Goenka as saying.
Even after the closing of the deal, M3bi’s co-founders Anir Khandekar and Suresh Potluri will continue to lead its operations.
“Data engineering and analytics and advanced engineering are key strategic growth opportunities for us. With the addition of M3bi’s capabilities, we will expand our offerings in this space to address the business-critical needs of our clients,” said Ajay S. Bhutoria, CEO of Zensar.