Question
Which of the following statements about Tech Mahindra's
acquisition of Orchid Cybertech Services Inc. is/are incorrect? 1. Tech Mahindra's wholly owned subsidiary, vCustomer Philippines Inc., approved the acquisition of 100% equity shares in Orchid Cybertech Services, Inc. 2. Orchid Cybertech Services Inc. provides customer experience services to Airtel. 3. Tech Mahindra's acquisition strengthens its relationship with TPG Telecom.Solution
• Tech Mahindra announced that the Company through its wholly owned subsidiary viz., vCustomer Philippines Inc. approved the acquisition of 100% equity shares in Orchid Cybertech Services, Inc, (OCSI) for a cash consideration of AUD 5 million. • Orchid Cybertech Services Inc. (OCSI) provides Customer experience related services to TPG Telecom. It has about 2,950 full time employees. • Tech Mahindra has long standing relationship with TPG Telecom (TPG). • This deal further strengthens the relationship with TPG and aids in expanding existing customer experience capabilities and business in the Philippines. • As part of this transaction OCSI, including its assets and employees, will become part of Tech Mahindra and Tech Mahindra will provide customer support and other services to TPG.
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