Mindteck acquires three companies for $9.6-mn

Mindteck acquires three companies for $9.6-mn

Acquires California company Primetech for $6.6 million and takes over associate firms in the UK and Singapore

Thursday, April 03, 2008

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BANGALORE, INDIA: IT services company Mindteck (India) Limited has announced the acquisition of three more companies.

The company has completed the acquisition of Primetech Solutions Inc., a California-based IT consulting company for $6.6 million in stock swap.

It also acquired two of its associate companies Mindteck UK Ltd, based in London and Mindteck Singapore Pte Ltd.

The total value of the acquisitions is pegged at $9.6 million.

Mindteck paid $2.5 million for acquisition of its Singapore associate, $1 million in cash and $1.5 million through stock swap. The UK associate was acquired for $0.5 million, all through stock swap.

The acquisitions, as part of the company's 'Go Global' strategy, will expand Mindteck's operation in the US, Europe and Asia Pacific.

In February this year, the company had completed its first acquisition of US-based Infotech Consulting, in a series of four planned acquisitions.

With the latest acquisitions, Mindteck implements its first phase of 'Go Global' growth strategy for a total investment of $30.6 million.

"With every acquisition, Mindteck further strengthens its range of services in Business Applications Consulting, Security and Infrastructure Management, SAP, and Embedded Systems globally," said Pankaj Agarwal, Mindteck Group CEO.

Mindteck has raised a total of $ 7.47 million through private equity for implementation of its 'Go Global' strategy.
The new investments are being used to fund current acquisitions, repay debt, and for future growth.

©CyberMedia News

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