Tech Mahindra Acquires Canada’s Avant to Boost BFSI Capabilities

Tech Mahindra has announced the acquisition of Avant Techno Solutions, a Canada-based firm specialising in payments and wealth management platforms, according to a statement released by the company yesterday.

The acquisition is aimed at strengthening Tech Mahindra’s capabilities in the banking, financial services and insurance (BFSI) segment, particularly in areas such as payments modernisation and wealth management technology.

Avant Techno Solutions provides services across real-time payments, ISO 20022 migration, core payments transformation and wealth platforms. The deal is expected to expand Tech Mahindra’s presence in North America and enhance its offerings in areas such as open banking, commercial lending, regulatory compliance and fraud management.

“The acquisition of Avant will strengthen our ability to serve financial institutions at a time when the sector is balancing growth with rapid digital change. By combining deep domain expertise with scaled technology delivery, we will help clients modernise core payment & wealth systems, improve customer engagement and respond faster to evolving market and regulatory demands,” said Roshan Shetty, BFSI and Public Sector Head - Americas, Tech Mahindra.

Founded in 2017, Avant also brings expertise in AI-led solutions within financial services. Tech Mahindra said the acquisition will help it support financial institutions in updating legacy systems and adapting to changing technology and regulatory requirements.

The financial details of the transaction were not disclosed.

“Joining Tech Mahindra marks an exciting next phase for Avant. With our deep expertise in payments and wealth platforms combined with Tech Mahindra’s global scale and delivery capabilities, we look forward to helping financial institutions accelerate modernisation and deliver more secure, data-driven customer experiences,” said Srinivasa Varma Alluri, CEO, Avant Techno Solutions.

Tech Mahindra provides technology consulting and digital services across sectors and operates in more than 90 countries.