Tech Mahindra has acquired 70% stake in Perigord Asset Holdings, a digital workflow and artwork, labelling and BPO services firm. The acquisition will help Tech Mahindra to augment expertise in the global pharmaceutical, healthcare and life science (HLS) sectors, the company said in a statement.

The IT software major will leverage Perigord's expertise and offerings to extend capabilities towards delivering efficiency and automation levers across sectors including consumer-packaged goods, medical devices and over the counter (OTC) products to enable growth and scalability in future.

The acquisition is a part of Tech Mahindra's long-term growth plan to build presence across key markets in Ireland, Germany, the United States and India with enhanced global delivery.

Vivek Agarwal, president of BFSI, HLS and Corporate Development at Tech Mahindra, said HLS is a key vertical for the company and this acquisition will expand its footprint globally in these domains.

"Perigord's disruptive proprietary platform and expertise in the artwork space and life sciences industry will add significant value to our offerings and capabilities. We welcome Perigord employees into the Tech Mahindra family and look forward to achieving great success together," he added.

Alan Leamy, chief executive officer of Perigord Asset Holdings, said that both companies' future ambitions and desires to digitally transform the world of pharmaceutical packaging services will deliver long-term innovative solutions to clients that will future proof their needs over the next 10 years.