FCA approves £112m Target Group acquisition

Target Group, the financial services outsourcing and software provider, says it welcomes the FCA’s approval, which sees Tech Mahindra acquire 100% of Target's share capital following four years of expansion under the ownership of Pollen Street Capital.

Tech Mahindra says it now plans to extend Target's platform to other markets.

Target Group is headquartered in the UK and has about 800 employees. The management team, led by Co-Group CEOs, Ian Larkin and Bill Alley, will remain with the business to ensure continuity and acceleration of the current strategy.

In a statement, Ian Larkin and Bill Alley said: “We would like to thank Pollen Street Capital for its four years of support and assistance in moving the business forward. Our focus now will be on accelerating the next stage of our growth. In doing so, we look forward to working as part of Tech Mahindra to further develop our scale, market share, and, most importantly, our solutions and services for clients.”