Mumbai: Tech Mahindra Ltd has secured an outsourcing deal from Australian financial services firm Perpetual to provide registry services.
As part of the contract, the Mahindra group company will provide technology support for several superannuation and pension products of Perpetual.
“We are looking to see a complete refresh of registry IT infrastructure and applications which will allow us to focus on our core strengths,” Paul Statham, acting Group Executive of Perpetual Investments, said in a press statement. The agreement covers both administration and technology services.
Though the size of the engagement was not disclosed, it is believed to be a multi-million dollar deal. News reports in the Australian media indicate that Perpetual will make 50 roles redundant and transfer a number of positions to the Indian software services company. The Sydney headquartered Perpetual is an investment and trustee group that specialises in investment products, financial advice and corporate service.
The Tech Mahindra scrip hit its 52-week high on BSE before settling at Rs 1,674.05, higher by 5.94 per cent than previous close.
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