New Delhi: IT company Tech Mahindra on Tuesday said it will acquire 80 per cent stake in Australian artificial intelligence firm Geomatic.AI for 6 million Australian dollars (about Rs 32 crore) through its Singapore-based subsidiary.
Geomatic.Ai Pty is a company incorporated under Australian laws on February 7, 2022 and operates in the field of energy and utilities.
"As part of this deal, Tech M will have 80 per cent shareholding in Geomatic.AI for consideration of Australian dollar 6 million. Ausnet will have 20 per cent shareholding and transfer digital workforce, intellectual property , assets and client contracts to the newly formed entity," as per a regulatory filing.
The deal has been signed and closed simultaneously, it added.
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