IT company Tech Mahindra will acquire 100 per cent stake in Mumbai-based enterprise application company Thirdware for USD 42 million (about Rs 322 crore) in an all-cash deal, the company said on Saturday.

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The acquisition is expected to bolster Tech Mahindra's digital solutions and services in automotive consulting, design, development and implementation in areas like enterprise resource planning, industrial internet of things etc.

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"Tech Mahindra will pay total consideration of up to USD 42 million including earnouts...Thirdware's capability to provide end-to-end implementations and global rollouts of ERP solutions will give Tech Mahindra an edge in the manufacturing space," Tech Mahindra said in a regulatory filing.

Thirdware Solutions has over 850 employees. It closed the financial year 2020-21 with a revenue of Rs 210.6 crore and recorded a turnover of Rs 226.5 crore in the first 10 months of the current fiscal year.

Tech Mahindra expects to complete the acquisition by May this year.