IT consulting and services provider Tech Mahindra, on 20 February, announced that they are planning to acquire a 100% stake in Orchid Cybertech Services Inc. (OCSI) via its wholly-owned subsidiary for a total cost of $3.27 million for an all-cash consideration.

In its regulatory filing, the company said that they are set to acquire Orchid Cybertech through its wholly-owned subsidiary, vCustomer Philippines Inc.

OCSI is a business process outsourcing company and provides customer experience-related services to TPG Telecom. The company has around 2,950 full-time employees, and in the previous fiscal year, it had a turnover of $37.3 million.

Furthermore, Tech Mahindra and TPG Telecom (TPG) have a long-standing partnership, and this deal will further strengthen their relationship and aid in expanding existing customer experience capabilities and business in the Philippines.

The filing added, “Acquisition of OCSI will facilitate this transition and enable incremental revenue to be realised. 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.”