Zensar To Divest Non-core Businesses
Zensar, a leading digital solutions and technology services company that specializes in partnering with global organizations across industries on their digital transformation journey, announced that it has entered into an agreement with Lorhan IT Services Private Limited, a wholly owned subsidiary of First Tek, Inc., a US-based IT services and products company to divest its Australia, Middle-East and India-based businesses. This is in line with Zensar’s commitment to focus and invest in the core markets of the US, Europe and South Africa, which together comprises more than 98% of Zensar’s consolidated revenue as on December 31st, 2018.
Under the terms of the transaction, identified assets, liabilities, employees, and client contracts relevant to these businesses will be transferred to Lorhan. The Australia and Middle East businesses will be transferred by way of a share sale, while the India-based business will be transferred as a slump sale.