IT services firm Tech Mahindra Ltd (Tech M) has acquired BORN Group, a New York-based digital content and production agency, for $95 million in an all-cash deal, Livemint reported. The firm is owned by private equity firm True North and Zodius Capital. True North acquired a controlling stake in the firm in 2011 when it was known as Group FMG. BORN’s services include consulting, content creation, maintenance and hosting services, digital and social marketing, among others.
The company has clients such as Google, Tata, Red Bull and TAG Heuer. In 2012, Group FMG acquired New York-based creative digital agency Pod1 Inc. It rebranded itself as BORN Group in 2014. BORN recorded a revenue of $50 million in 2018, up from $39 million and $36 million in the preceding two years. Tech M will buy BORN’s India unit, while Tech Mahindra Pte, the IT firm’s Singapore arm, will take over other entities. While the enterprise value of BORN has been pegged at $95 million, the deal also includes a future payout of $25 million linked to the achievement of financial targets for the year to December.