Synopsis
Tech Mahindra is acquiring an 85% stake in Canadian wealth management firm Avant Techno Solutions for CAD 28 million. This strategic move aims to bolster Tech Mahindra's BFSI sector capabilities, particularly in payments modernization and wealth platforms. The acquisition is expected to be finalized by July 31, enhancing the company's service offerings for financial institutions navigating digital transformation.Listen to this article in summarized format
This is India’s fifth-largest IT service provider’s first acquisition after it bought the Philippines-based BPO company Orchid Cybertech for $3.27 million in 2024.
The current transaction is expected to be completed by July 31. Tech Mahindra will buy the remaining 15% stake in Avant Techno Solutions by June 30, 2029, at a predetermined pricing formula, the company said in exchange filings.
The acquisition is expected to strengthen the company’s service capabilities and deepen its industry expertise within the BFSI (banking, financial services, and insurance) vertical, bringing along its workforce and established client relationships.
Incorporated in 2012, Avant specialises in payments modernisation and wealth platforms for North American banks, along with emerging AI-led capabilities focused on delivering tangible business value, with key offerings in real-time rail capabilities, ISO 20022 migration, wire modernisation and core payments cloud transformation, among others.
In calendar 2025, it posted CAD 58.6 million in annual revenue.
Tech Mahindra said the acquisition positions it to support financial institutions to simplify legacy environments, improve speed to market, strengthen trust frameworks, and build more responsive and resilient operating models.
The nearly $300-billion IT industry has seen the mergers and acquisitions momentum pick up in 2026, as firms take up domain-focused companies to offset pressure on revenue from growing artificial intelligence adoption.
“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,” said Roshan Shetty, BFSI and public sector head - Americas at Tech Mahindra.
“With our deep expertise in payments and wealth platforms combined with Tech Mahindra’s global scale and delivery capabilities, we look forward to helping financial institutions accelerate modernisation and deliver more secure, data-driven customer experiences,” said Srinivasa Varma Alluri, CEO of Avant Techno Solutions.
