Healthnxt Inc. to merge with parent Tech Mahindra Americas

26 Jun 2024 , 06:48 PM

Tech Mahindra’s Board of Directors has authorized the merger of Healthnxt Inc. with parent firm Tech Mahindra Americas, according to an exchange filing on Tuesday, June 25.

The merger of Healthnxt and Tech Mahindra Americas will take effect on July 1.

Healthnxt and TMA’s turnover for the fiscal year ending March 31, 2024, is $1.07 million and $1,153.28 million, respectively.

TMA, a wholly-owned material subsidiary of the corporation, offers computer consulting, programming support services, and IT Management and Consulting Services to customers in a variety of industries, including healthcare.

Healthnxt is TMA’s wholly-owned subsidiary, as well as a step-down wholly-owned subsidiary. It is a virtual healthcare company that provides a fully integrated home-based inpatient experience as well as outsourced services.

Since the businesses of Healthnxt and TMA are complementary, combining the firms will result in company operations that are more synergistic, lower operational costs, and less compliance risk.

TMA’s investment in Healthnxt will be cancelled if the transaction becomes complete.

Tech Mahindra is a multinational consulting services and systems integrator with operations in more than 90 countries. It provides solutions that blend digital innovation with strong, industry-proven processes.

It is part of the Mahindra Group, which was founded in 1945 and is one of the world’s largest and most admired multinational conglomerates, with 260,000 people in over 100 countries. In India, the Group dominates farm equipment, utility vehicles, information technology, and financial services, and it is the world’s largest tractor manufacturer by volume.

At around 12.06 PM, Tech Mahindra was trading 0.39% higher at ₹1,433.30 per piece, against the previous close of ₹1,427.75 on NSE. The counter touched an intraday high and low of ₹1,434.80, and ₹1,418.55, respectively.

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