MUMBAI: Tech Mahindra has informed Bombay the stock exchange that its step-down subsidiaries Comviva Technologies USA, Inc and Comviva Technologies Americas Inc. will merge, according to a regulatory filing on Friday, 28 February 2025.

The boards of directors of both companies approved the merger plan on Thursday, 27 February 2025, with an appointed date of 1 March 2025. The merger remains subject to regulatory approvals in the country of incorporation.

Comviva Technologies USA (the transferor company), incorporated in Florida, is a wholly owned subsidiary of Comviva Technologies Americas Inc. and reported a turnover of $ 0.65 million for the financial year ended 31 March 2024. The company provides IT services and solutions.

Comviva Technologies Americas Inc. (the transferee company), incorporated in Delaware, is a wholly-owned subsidiary of Comviva Technologies Limited, India, with a turnover of $19.05 million for the financial year ended 31 March 2024. It specializes in Video Storage and Processing Platform (VSPP) business.

Tech Mahindra stated that the consolidation aims to optimize operational costs and reduce compliance risks. As the transferor company is a wholly owned subsidiary of the transferee company, no cash consideration or new share issuance will be involved in the merger. The investment held by Comviva Americas in Comviva USA will be cancelled.

The company received notice of this merger on Friday at 10 a.m. IST and has made this disclosure pursuant to Regulation 30 of the SEBI Listing Regulations.