IT services firm Tech Mahindra (TECHM:NSI) reported its Brazilian subsidiary is selling a business line, software services and solutions business Comviva Technologies do Brasil Indústria, Comércio, Importação e Exportação Ltda.

The business line provides software products, solutions and services; it had turnover of USD 3.7 million in the financial year ended 31 March. The deal is set to close on or before 31 August.

Buying the business line is Druid Internet Systems Comércio E Serviços Ltda.

Druid is purchasing the operation for USD 20,000 upfront and a deferred payment of USD 1.4 million.

Tech Mahinda reported in a regulatory filing that it is selling the firm to exit the product line without impacting the customers being served.