India’s IT firm Tech Mahindra is partnering with US-Israeli technology company Comverse Inc. to set up a research and development centre in Israel.
Tech Mahindra provides IT and Networking solutions to telecom companies worldwide. Comverse Inc. offers business solutions to telecom service providers. Its portfolio includes value added services, revenue and customer management.
Tech Mahindra is part of Mahindra Group, a $16.5 billion Indian multinational. The technlogy company employs more than 98,000 people in 51 countries.
According to press release issued by Tech Mahindra, both companies have agreed on a strategic partnership. The statement did not disclose financial details of the proposed R&D Centre.
Tech Mahindra has already made a big mark in US and European markets by securing high-profile clients. The company is now keen to set foot in Israel and is bullish about the emerging prospects.
Mr. Manish Vyas, President of Tech Mahindra’s communications group, told Reuters that company hopes to hire ‘world class talent’ and tap into the ‘culture of entrepreneurship in Israel’. He reiterated company’s intention to develop talent and invest long-term in Israel – this includes an initiative to promote employees to start their own ventures with equity from Tech Mahindra.
Tech Mahindra’s latest investment in Israel’s technology landscape comes on the heels of big investments made by other Indian multinationals. Israel-India bilateral relations have considerably improved since Prime Minister Narendra Modi took office 10 months ago.