New Delhi: Tech Mahindra on Monday said it has incorporated a step-down subsidiary in Uganda as part of its strategy to expand its digital and analytics services presence in emerging markets across Africa.
The IT services major said Yabx Technologies Uganda Limited has been incorporated through Yabx Technologies (Netherlands) BV, which is a wholly owned subsidiary of Comviva Technologies, Tech Mahindra’s subsidiary. The certificate of incorporation was issued by Uganda’s Registrar of Companies on December 22.
The new entity will focus on providing software and analytics platform–based services, primarily catering to banks, microfinance institutions and other lenders in the Ugandan market. The move aligns with Tech Mahindra’s core business of digital transformation, fintech and data-driven solutions.
Yabx Uganda has an initial share capital of UGX 1.7 million, divided into 17,000 shares, and is yet to commence operations. The entire shareholding is held by Yabx Netherlands, making it an indirect wholly owned subsidiary of Tech Mahindra.
The company clarified that the incorporation does not fall under related party transactions at the time of subscription and does not require any regulatory approvals.