MindTree to Acquire Majority Equity Interest in Aztecsoft
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MindTree to Acquire Majority Equity Interest in Aztecsoft
Combination will create the market leader in
Outsourced Product Development (OPD) and Testing
Bangalore, India, May 2, 2008: MindTree Ltd.
, a...
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com Page 1 of 2
MindTree to Acquire Majority Equity Interest in Aztecsoft
Combination will create the market leader in
Outsourced Product Development (OPD) and Testing
Bangalore, India, May 2, 2008: MindTree Ltd.
, a global IT and R&D Services Company, today
announced that it has signed a definitive agreement with the largest shareholder of Aztecsoft Ltd.
to
acquire 32.
57% at Rs 80 per share, which values the company at an equity valuation of USD 90 Million.
MindTree will also announce an open offer to Aztecsoft’s public shareholders to purchase up to an
additional 20% equity ownership interest.
These transactions are subject to customary regulatory
filings, clearances and approvals.
After the completion of these transactions, MindTree will initiate the
process of merging Aztecsoft into itself.
Aztecsoft is a leader in the Outsourced Product Development (OPD) and Testing markets as a 2,100+
people strong software engineering services company.
It provides full-lifecycle product engineering,
independent testing, sustenance engineering and professional services to application and infrastructure
software vendors, as well as to New Media and Internet-based companies.
It has successfully completed
over 1,600 product releases to date.
“This marks a momentous occasion for us all.
Aztecsoft is truly aligned with MindTree’s values, culture
and high standards of corporate governance.
We believe this step will be beneficial for customers,
people and shareholders of both the organizations,” said MindTree Chairman & Managing Director Ashok
Soota.
The product stack of OPD encompasses embedded, platform/infrastructure, middleware, application,
and SaaS/cloud-computing software segments.
Through its R&D Services business, MindTree is well
recognized in the hardware engineering, system platform and embedded software segments of the OPD
market.
With the addition of Aztecsoft, MindTree will offer customers a complete end-to-end OPD
product stack encompassing embedded, platform/infrastructure, middleware, application, and
SaaS/cloud-computing software segments.
Aztecsoft brings solid presence from platform all the way to
the cloud computing segments.
The combined entity will, thus, cover the entire product development
stack.
In addition, Aztecsoft also brings deep expertise in independent testing.
Together, MindTree will
have a 2,000+ Testing services team, making it one of the strongest in the market.
“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 architecting,
integrating, deploying and managing the right solutions,” said MindTree Chief Executive Officer
Krishnakumar Natarajan.
“Aztecsoft’s expertise in OPD and Testing markets, coupled with our R&D
Services business, makes us a leader serving top global technology companies.
”
Aztecsoft Chief Executive Officer Samir Bodas said, “We are delighted about the merger with
MindTree, and are very excited about the road ahead.
For over a decade, Aztecsoft has established
itself as a differentiated leader in the OPD and Testing spaces.
With MindTree, we will further extend
this leadership, and be able to offer our customers newer services and solutions.
Together, we will be
positioned to become the best Product Engineering and Independent Testing Services Company in
India.
”
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