Pune, India-headquartered Tech Mahindra announced it will acquire a 17.5 percent stake in Tewksbury, MA-based telecom software development company Altiostar Networks for $15 million in a cash deal. The investment is through its wholly owned subsidiary, Tech Mahindra (Americas) Inc, USA, the company said in a regulatory filing.
“This is a portfolio investment from Tech Mahindra in the nascent but promising and fast-growing virtualized Radio Access Networks or vRAN space,” the company said. The investment will be completed by end January.
Altiostar, was founded in 2011 and has 220 employees. The company has offices in the U.K., Germany, India, Mexico, Argentina and Israel.
