Zensar Technologies to buy Scottsdale AZ based digital engineering firm M3bi

Pune based Zensar Technologies is buying Scottsdale AZ headquartered data engineering and analytics firm, M3bi to bolster its advanced engineering capabilities.

As a part of the deal,  Zensar will acquire the whole share capital of M3bi Private Limited and its wholly-owned subsidiary.

Scottsdale Arizona based M3bi is founded by Aniruddha Khandekar and Suresh Potluri in the year 2010. It clocked around $26.75 million in revenue from the operations for the financial year ending 31st of December 2020. The company employs around 445 people across operations in India and the US. 

Harsh Goenka, Chairman of RPG Enterprises and Zensar Technologies, said, "We are reinforcing our strategic growth charter with the acquisition of M3bi. Our acquisitions in recent years have enhanced our competitiveness, bringing value to our customers. The team steered by Anir and Suresh brings a combination of capabilities and strong client relationships to our fold."

Ajay S. Bhutoria, Chief Executive Officer and Managing Director, Zensar Technologies, said, "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. Clients looking for large-scale digital transformation will be able to leverage our combined expertise. We are delighted to welcome the M3bi team to the Zensar family and look forward to working closely together to accelerate business growth.

The acquisition includes an upfront payment of $21.60 million and performance-based deferred payments of $9 million over a 36-month period. The acquisition will be funded by the internal accruals of Zensar, as per the statement.

Zensar will now leverage M3bi to strengthen its capabilities in the areas of analytics, data engineering, advanced engineering, and AI/ML services. 

The acquisition will also add marquee customers to Zensar’s portfolio in the financial, banking and insurance sector.

M3bi co-founders Anir Khandekar and Suresh Potlur will continue to manage the M3bi business. Commenting on the acquisition, Scottsdale based firm's co-founder Suresh Potluri said that Zensar’s expertise in the digital technology space will add more depth to our customers.