Quayle Munro is pleased to announce that it has advised Pollen Street Capital on the sale of Target Group Limited (“Target”) to Tech Mahindra Limited (“Tech Mahindra”), for an enterprise value of £112m.
Target is a leading provider of business process outsourcing and software solutions for over 50 major financial institutions across the globe, including clients such as Goldman Sachs, Morgan Stanley, Credit Suisse, Barclays and Shawbrook Bank.
Target’s leading fintech platform manages assets in excess of £24 billion, enabling their clients to automate complex critical processing, servicing and administration of loans, as well as investments and insurance. Alongside BPO and software solutions, Target leverages deep domain expertise to advise on process improvement, due diligence and regulatory compliance.
Headquartered in India, Tech Mahindra offers IT services, outsourcing and consultancy across 90 countries. The acquisition of Target is in line with Tech Mahindra’s strategy of expanding its fintech capabilities, adding IP and platforms. Target offers Tech Mahindra an exciting platform to strengthen its European presence alongside a significant opportunity to cross-sell.
The transaction remains subject to regulatory approval.
James Scott, Partner, Pollen Street Capital said: “We thoroughly enjoyed working with Quayle Munro who ran a professional, well-managed process from the outset. Their independent advice, international connections and sector expertise were fundamental to achieving this fantastic result for both us and the management team. In Tech Mahindra, Target has an exciting new owner capable of supporting the business into its next stage of growth.”