MindTree to acquire 32% stake in Aztecsoft for $90 mln

 
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New Delhi, May 2 (UNI) IT and research and development firm MindTree today said it will buy 32.57 per cent stake in outsourced product development firm Aztecsoft for 90 million dollars.

''MindTree has entered into a definitive agreement with the largest shareholder of Aztecsoft to acquire 32.57 per cent at Rs 80 per share, which values the company at an valuation of 90 million dollars,'' a company statement said.

The company would also announce an open offer to Aztecsofts shareholders to purchase up to an additional 20 per cent equity ownership interest, the statement added.

Post acquisition, MindTree would initiate the process of merging Aztecsoft into itself, a move which is likely to make it the market leader in outsourced product development and testing.

However, these transactions are subject to customary regulatory filings, clearances and approvals.

''Aztecsoft will complement MindTree's expertise in both IT and R&D Services. For our IT Services customers, Aztecsoft's software product knowledge will give us a unique edge in architecture, integrating, deploying and managing the right solutions,'' said MindTree Chief Executive Officer Krishnakumar Natarajan.

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