India-based outsourcing service Tech Mahindra is set to acquire a 75% stake in US-based cloud storage company FixStream Network for Rs 600m ($10m), according to a stock market filing.
FixStream provides an online storage and data integration and analytics platform that aims to solve complex issues surrounding data centres and cloud computing using data monitored from servers, networks, applications, online services and online storage.
Tech Mahindra, the global system integration subsidiary of India-based conglomerate Mahindra Group, told the Bombay Stock Exchange the investment would be used to develop technologies that will benefit its customers.
FixStream was founded in May 2013 by Abinay Padhye and Sameer Padhye with a personal investment of Rs 90m ($1.5m).