Satyam to give Tech Mahindra broader service canvas: Nasscom

Software services association Nasscom today said the acquisition of Satyam will give Tech Mahindra a broader foothold in terms of service offerings and vast geography.

"Tech Mahindra has a large base in Europe. Satyam will give it a very good opportunity to gain foothold in other geographies and many new verticals," Nasscom President Som Mittal told PTI.

He said there is a very little overlap between both the companies in terms of verticals which should hasten the process of integration.

Mittal lauded the role of government, industry and the Indian IT companies in working towards the resurrection of Satyam.

"Everybody has worked to the moment. The government has acted on time to appoint a board, while then industry maintained restrain in not poaching the clients and employees of Satyam," he said. For the first time, "We saw within 100 days of the announcement of the fraud, a permanent solution has been carved out." Zensar Technologies CEO and former Nasscom Chairman Ganesh Natarajan said it is a good move as they will bring the much needed stability to the company and the customers.

Ending the three-month ordeal, Tech Mahindra on Monday emerged as the top bidder with an offer of Rs 58 a share for a 31 per cent stake in beleaguered Satyam Computer, beating a strong rival Larsen & Toubro.

Tech Mahindra would acquire the stake in an all-cash deal, followed by an open offer for a 20 per cent stake to take management control of the company.

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