Nagarro joins forces with Techmill Global

Rhea-AI Summary

Nagarro has finalized an agreement with Techmill Global Pte Ltd, enhancing its position in the fintech sector. Established in 2008, Techmill, which employs over 180 staff, primarily serves banks and partners with Temenos, a leader in financial tech. In 2021, Techmill reported revenue in the high single-digit million Euro range. This acquisition will bolster Nagarro's Banking and Financial Services capabilities and expand its presence in Australia.

Positive

• Acquisition strengthens Nagarro's Banking and Financial Services vertical.
• Expands Nagarro's market presence in Australia.

Negative

• None.

MUNICH, Jan. 21, 2022 /PRNewswire/ -- Nagarro, a global leader in digital engineering, has reached an agreement with the shareholders of Singapore-headquartered Techmill Global Pte Ltd, a front runner in fintech services, to bring the companies together.   

The Techmill group, founded by Harihara Gopinath Sharath and Vishwanath Rajashekarappa in 2008, has over 180 employees across the world, with the majority in India. It counts several leading banks among its customers. Techmill is a partner of Temenos, the global leader in financial technology for better banking. In 2021 the group's revenue was in the high single-digit million Euro range.  

For Nagarro, the transaction strengthens its capabilities in its Banking and Financial Services vertical and supports the development of its fast-growing Rest of World segment, particularly with the presence in Australia.  

Surya Vedula, Managing Director at Nagarro, states: "I would like to congratulate our new colleagues from Techmill for the way they have built a great company around a core area of expertise. We have been in touch with them for some months now and have come to value their knowledge and perspectives. We welcome them into the global Nagarro family."  

Vishwanath and Sharath, Founder Directors at Techmill, make this joint statement: "We are very happy to associate ourselves with Nagarro, with its humane approach towards people and entrepreneur-friendly environment. With the market breadth and reach of Nagarro added to Techmill's niche financial expertise, we can reach new heights in the BFSI vertical."  

About Nagarro

Nagarro, a global digital engineering leader, helps clients become innovative, digital-first companies and thus win in their markets. The company is distinguished by its entrepreneurial, agile, and global character, its CARING mindset, and its approach of thinking breakthroughs. Nagarro employs over 12,000 people in 27 countries.   

For more information, visit www.nagarro.com     

FRA: NA9 (SDAX/TECDAX, ISIN DE000A3H2200, WKN A3H220)  

About Techmill Global

Techmill Global is a niche financial IT service provider. It enables clients to stay ahead of competition and technology trends with industry-specific solutions, packaged financial software implementations, and other innovative ideas that contribute to their continued success. Its clients include large corporate banks and financial institutions involved in inclusive banking such as microfinance and cooperative banking.   

For more information, visit www.techmillglobal.com  

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SOURCE Nagarro

FAQ

What is the significance of Nagarro's acquisition of Techmill Global Pte Ltd?

The acquisition enhances Nagarro's capabilities in fintech services, particularly in Banking and Financial Services.

When was the agreement between Nagarro and Techmill Global announced?

The agreement was announced on January 21, 2022.

What was Techmill Global's revenue in 2021?

Techmill Global's revenue in 2021 was in the high single-digit million Euro range.

How many employees does Techmill Global have?

Techmill Global has over 180 employees, with a majority based in India.