Zensar announced that it plans on taking over M3bi, which is a data company based in the US and will significantly increase its interests in the digital space, and its clients in the US market.
Zensar might possibly pay up to $33 million until 2024 to take over the company, which is conditional on US regulators and performance-related incentives, Ajay S Bhutoria, Zensar’s CEO and managing director told TOI.
“We have identified five major areas of growth, which includes advanced engineering, data engineering, and software as a service (SaaS), among others. This acquisition helps in that regard. M3bi brings expertise in data engineering, AI, machine learning, and a marquee list of clients in the US market, including Fortune 500 companies,” Bhutoria said.
Zensar is based in Pune but includes central markets in the US, Europe, and South Africa. Zensar’s revenue had been affected by the pandemic in the last few quarters.
“M3bi, like us, has significant interests in banking, finance, and insurance, which have done well over the past year. We have also improved our EBITDA and cash position,” he said.
A majority of Zensar’s employees work from home in multiple cities in India and have also started to bring in more new employees.
“The rapid pace of vaccinations in the United States means that we can think of a return to the office sooner there than in India. Work-from-home is working extremely well,” he said.