Tech Mahindra to Purchase Big Data start-up FixStream for $10M.
Indian IT firm Tech Mahindra has recently manage to acquire a 75% stake within a US-based Fixstream Networks, for a total amount of US$10 million, in an agreement that was signed this past week.
Founded during May of the previous year, FixStream is a data storage and cloud computing software firm. According to its website, ,the company uses “deep-dive’ analytics in the DataCenter and Cloud environments to help organize and store massive amount of data for large companies. Although barely a year old, FixStream has amassed some impressive clients, which includes DirecTV and Cisco Systems.
Sources have indicated that the acquisition was made so Fixstream would be able to develop new emerging technologies for Tech Mahindra, One of the largest India-based IT companies. This is the company’s second major acquisition of this year. A little to few months ago, Tech Mahindra had acquired out the IT solutions branch of BASF, the German chemical giant.
Currently, the deal between Tech Mahindra and FixStream us undergoing regulatory approval, but the Bombay Stock Exchange has been informed of it> It’s latest in line of Indian IT firms purchasing startup companies in an effort to expand both Geographically, as well as in terms of what services they will be able to offer their clients and customers.
Companies within both the US and India have been in a mood to acquire as many startups as they can over the past couple of years. Apple, Google, Facebook, and Twitter have all invested in Indian IT firms in order to boost their presence on the subcontinent, which has seen a large amount of numbers on the Internet and mobile device users during the last half of this decade. Furthermore, smaller firms are also interested in India, during just this month, Us companies MSys Technologies and ActMobile Networks bought Clogeny Technologies and Colimetrics Software, respectively.
India has become a hotspot for those who are technological savvy and growing innovations, two things are arguably the most attractive to IT companies around the world. FixStream also joins a list of upcoming companies that are working with cloud-based technologies, which has seen an increasing demand in a relatively short amount of time.
FixStream was founded by two former Cisco employees of Indian origin: Abhinay Padhye and Sameer Padhye.