Tech Mahindra to Acquire 85% Stake in Canada-Based Avant Techno Solutions

Tech Mahindra announced that it is acquiring an 85% stake in Canada-based wealth management and payments firm Avant Techno Solutions (Alluri Technologies Inc) in a cash deal valued at CAD 28 million, or about INR 195 crore.

The company said the transaction marks a strategic expansion in its banking, financial services and insurance (BFSI) portfolio, especially in areas such as payments modernisation and wealth technology platforms across North America.

According to a regulatory filing, Tech Mahindra will acquire the remaining 15% stake in Avant after three years through a pre-agreed pricing formula. The current acquisition is expected to be completed by July 31. The final tranche will be purchased by June 30, 2029.

This is Tech Mahindra’s first major acquisition after it acquired Philippines-based BPO firm Orchid Cybertech for USD 3.27 million in 2024, indicating a renewed push for inorganic growth.

Avant Techno Solutions, founded in 2012, specialises in payments modernisation and wealth platforms for North American financial institutions. Its capabilities include real-time payment rails, ISO 20022 migration, wire modernisation, core payments cloud transformation, and identity and access management solutions. The company also works on emerging AI-led tools designed to improve efficiency and business outcomes for banks.

Tech Mahindra said the acquisition will enhance its offerings in key areas such as open banking, commercial lending, regulatory compliance, and fraud and financial crime management. It also expects stronger delivery capabilities through Avant’s client relationships and domain-focused talent base.

The company added that the deal comes at a time when financial institutions are increasing investments in cloud computing, automation, data-driven systems, and secure digital experiences.

Roshan Shetty, BFSI and Public Sector Head – Americas at Tech Mahindra, said, “The acquisition of Avant will strengthen our ability to serve financial institutions at a time when the sector is balancing growth with rapid digital change. By combining deep domain expertise with scaled technology delivery, we will help clients modernise core payment and wealth systems, improve customer engagement and respond faster to evolving market and regulatory demands.”

With this acquisition, Tech Mahindra aims to strengthen its position in the global fintech and digital transformation market, where demand for modern payment infrastructure and intelligent financial platforms continues to grow.