The management team behind Target Group, the financial services outsourcing and software provider, has welcomed the announcement of the acquisition of the business by global multi-national specialist in digital transformation, Tech Mahindra. The transaction is subject to FCA approval - completion will take place once this is confirmed.

Tech Mahindra will acquire 100 per cent of the share capital of Target Group at an Enterprise Value of £112m. Following four years of expansion under the ownership of Pollen Street Capital the transaction represents the start of a new and exciting phase for Target and its growing client base.

Paddy Byrne, chairman of Target Group, commented: “Target Group has been focused on building expertise in the lending, investments and insurance sectors, becoming a market leading player in each of our verticals. We have delivered significant growth over the last four years, with the support of our current owner, Pollen Street Capital. We now look forward to the next stage in our growth. By joining with the $4bn Tech Mahindra, it will allow us to serve our clients better through greatly expanding the solutions and services we provide.”

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