Mindtree acquires equity interest in Aztecsoft

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MindTree Consulting
Bangalore, May 3: MindTree Ltd, a global IT and R and D Services Company, has signed a definitive agreement with Malaysia based largest shareholder of Aztecsoft Ltd to acquire 32.57 per cent stake in the Outsourced Product Development (OPD) major.

Speaking to reporters here last night, MindTree Chairman and Managing Director Ashok Soota said that under an all-cash deal worth US Dollar 90 million, the shares were bought at Rs 80 each. Soon the company would come out with an open offer to Aztecsoft public shareholders to purchase up to an additional 20 per cent equity ownership interest, he said. MindTree, which had a cash surplus of Rs 200 crore, would pay for the buy from internal accruals. Aztecsoft had a cash surplus of Rs 75 crore and an operating margin of 14 per cent as of last year. A leader in OPD and testing markets, it had 2,100 people on its rolls.

''Aztecsoft is truly aligned with MindTree values, culture and this step will benefit our customers, people and shareholders of both the organisations,'' Mr Soota said.

It provided full life cycle product engineering, independent testing, sustenance engineering and professional services to application and infrastructure software vendors, as well as to media and internet-based companies, Aztecsoft CEO Samir Bodas said.

UNI

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