Zensar acquires M3bi for $33 million

RPG Group IT services firm Zensar Technologies said it acquired US-based data engineering and digital engineering firm M3bi for $33 million (Rs 242 crore), including $9 million to be paid over three years based on meeting certain performance goals.

Pune-headquartered Zensar expects the acquisition to help reinforce its new strategy with data and analytics being important growth drivers. The acquisition will be funded by internal accruals.

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M3b1, whose clients are based in North American markets, posted $26.75 of revenue in 2020. The company with two delivery centres in India has 445 employees.

“The acquisition gives Zensar access to Fortune 500 clients, mainly in the BFSI sector. It will also provide opportunities to cross-sell services,” RPG Enterprises and Zensar chairman Harsh Goenka told ET over the phone.

“Data engineering and analytics, and advanced engineering are key strategic growth opportunities for us. With the addition of M3bi’s capabilities, we will expand our offerings in this space to address the business-critical needs of our clients,” Zensar chief executive Ajay S Bhutoria said.

Arizona, US-based M3bi will continue to be managed by cofounders Anir Khandekar and Suresh Potluri.

It provides information technology services — including data engineering, business intelligence and analytics — data warehousing and big data, and digital engineering services, including mobile and user experience and user interface development.

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