MindTree to acquire Kyocera Wireless India

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MindTree to acquire Kyocera Wireless India

The acquisition will further strengthen MindTree’s leadership in Product Engineering Services

Tuesday, September 29, 2009

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BANGALORE, INDIA: MindTree Ltd, a global IT solutions company, today announced that it has signed an agreement with Kyocera Wireless Corp. (KWC) to acquire Kyocera Wireless (India) Pvt. Ltd., its Indian subsidiary.

The acquisition is subject to legal and statutory requirements, as well as certain closing conditions.

Established in 2003, Kyocera Wireless (India) Pvt. Ltd. is engaged in wireless product development, software engineering, and product testing for KWC's global product portfolio, as well as development of custom wireless handsets for Indian service providers. The company, which has its development center in Bangalore, has a workforce of approximately 600.

Kyocera will continue to provide engineering services to San Diego-based KWC and other Kyocera entities on a contract basis after the sale, said a press release.

Under the agreement, MindTree will make an upfront payment of approximately $6 million, and further payments linked to revenues in financial years 2010-11 and 2011-12.

MindTree expects this acquisition to contribute approximately $9 million in revenues for the period from October 2009 to March 2010, with Profit After Tax expected to be in the range of 13-15 per cent.

"MindTree has established a global leadership position in technologies such as short-range wireless and multimedia codecs that are integral to wireless communication devices," said MindTree president and group-CEO, Product Engineering Services, Janakiraman S.

"With the acquisition of Kyocera Wireless (India) Pvt. Ltd, we will be able to further strengthen our leadership position by offering end-to-end design and technology services to wireless Original Equipment Manufacturers and service providers," he added.

"We are pleased to enter into this agreement with MindTree," said Yasuyuki Yamamoto, general manager of Kyocera Corporation's Corporate Communication Equipment Group. "This allows Kyocera to improve its cost structure and competitiveness while providing MindTree a strong engineering resource, especially in the field of software for mobile devices," Yamamoto added.

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