Indian IT provider Tech Mahindra has secured the approval of UK’s Financial Conduct Authority (FCA) for the acquisition of Target Group, a UK-based provider of financial services outsourcing and software.

Target to retain its existing brand and its existing management team will also stay with the business following the completion of the £112m deal, first announced in May 2016.

Target Group, whose previous parent was Pollen Street Capital, offers business process outsourcing and software solutions for over 50 key financial institutions worldwide.

It has a client franchise including Goldman Sachs, Morgan Stanley, credit Suisse, Shawbrook Bank and the DVLA. The company’s fintech platform oversees assets more than $31.6bn.

Target Group co-group CEOs Ian Larkin and Bill Alley said: “We would like to thank Pollen Street Capital for its 4 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 a part of Tech Mahindra to further develop our scale, market share, and, most importantly, our solutions and services for clients.”