Tech Mahindra eyes an 80% stake in AI-based energy firm, Geomatic.AI

Amidst increasing popularity of Artificial Intelligence (AI) across different sectors including medical & healthcare, oil and gas, energy and utilities and others, several industry players are participating in the digital revolution by creating online platforms and acquiring AI start-ups to strengthen digital network.

Indian information technology MNC, Tech Mahindra has reportedly announced on behalf of its wholly owned subsidiary in Singapore that the company is aiming to acquire 80% stake in the Australian energy company, Geomatic. AI for $4.3 million.

Geomatic. AI specialises in geospatial services and solutions, whose AI technologies will help Tech Mahindra to create a solid next generation platform and focus on digital tech-driven non-linear growth, in collaboration with AusNet Services, an energy and utilities distributor of Australia.

Artificial intelligence is perceived as an effective tool that is expected to catalyse advanced development in future in the field of digital twins for linear assets by utilizing cloud, mobility, and drone technologies in Geospatial space, which is likely to serve a larger audience.

As per terms of agreement, Tech Mahindra will secure 80% of equity shares in Geomatic. AI after completing transaction worth $4.3 million, while AusNet will acquire 20% shareholding.

AusNet will contribute resources including its digital workforce along with assets, Intellectual Property (IP), and client contracts to support the newly formed entity with a solid foundation.

With the uniquely designed proprietary technology that the IT company will gain through the deal, Tech Mahindra will secure a lead, positioning itself extraordinarily to offer Digital Twins, Drone Technologies, and Artificial Intelligence-driven services and solutions.

Imperative to note that Tech Mahindra will serve a spectrum of linear asset-intensive industries such as public sector, transportation industry, oil and gas, and energy and utilities, with the highly differentiated IP.

Geomatic. AI Proprietary Limited Company (Pty), an infant company established this month in compliance with Australian laws, is solely focused on advancing energy and utilities industry capabilities.

Source Credit: https://www.business-standard.com/article/news-cm/tech-mahindra-acquires-80-stake-in-australian-ai-firm-geomatic-ai-122021600300_1.html