India’s Tech Mahindra to acquire Irish company Perigord
DUBLIN: Tech Mahindra, an Indian multinational company, is acquiring a majority stake in Irish pharma labeller Perigord. The company has paid €21 million for a 70% stake in the Dublin-based group. The plan is to acquire the remaining 30% stake within the next four years.
Perigord is a company founded in Ireland over 40 years ago. The company provides packaging artwork services and software solutions in Germany, US and India. The company has 400 employees worldwide and operates in 100 countries.
The company’s main solution is a platform called GLAMS. It is a workflow management system designed for the pharma sector. Perigord had a revenue of €19.5 million last year. The Irish pharmaceutical company received €425,000 from Enterprise Ireland in R&D grants, as well as a €5.4 million investment from the BDO Development Capital fund.
As part of the deal with Tech Mahindra, Perigord will take over the company’s design and packaging center in Hyderabad. Perigord chief executive Alan Leamy said he hopes the partnership will create more jobs locally. “We employ around 120 people in Dublin, but Ireland isn’t really a big market for us, although we expect that to change following the deal because with their backing we are looking to expand both here and in other markets,” he said.
Pune-based Tech Mahindra is a provider of digital transformation, consulting and business re-engineering services. The Mahindra Group, which has revenues of $231 billion, employs more than 1,24,250 people in 90 countries. The company reported revenue of $ 5.2 billion last year.
“Perigord’s disruptive proprietary platform and expertise in the artwork space and life sciences industry will add significant value to our offerings and capabilities,” said Vivek Agarwal, head of corporate development at Tech Mahindra.
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