Indian IT service company Tech Mahindra has agreed to acquire 75% stake in US-based big data start up FixStream Network for around $10 million.
FixStream is a data storage and cloud computing software firm, founded in May 2013 by two former Cisco employees Abhinay Padhye and Sameer Padhye who are from India.
According to its website, FixStream uses “deep-dive” analytics in the data center and cloud environments to help organize and store massive amounts of data for large companies. The company has garnered clients including DirecTV and Cisco Systems.
FixStream is expected to develop emerging technology which will benefit Tech Mahindra’s customer base.
The acquisition, which is still subject to regulatory approvals, is Tech Mahindra’s second major acquisition this year. Earlier, Tech Mahindra bought out the IT solutions branch of BASF, the German chemical giant.
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