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MindTree buys Purple Vision for $6.55 m

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CIOL Bureau
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BANGALORE: MindTree Consulting Ltd has acquired TES-PV Electronic Solutions Private Limited (‘Purple Vision’) for $6.55 million in an all-cash deal. The transaction will become effective upon completion of closing conditions.

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"We expect to complete the closing conditions in 4-6 weeks," MindTree said in a statement on Wednesday. “With the acquisition of Purple Vision, MindTree’s IC Design team will be a formidable size of 350 professionals, making it one of the largest independent design services organizations in India. The domain expertise of Purple Vision will fully complement MindTree’s existing offerings, enabling us to bid for chip design projects,” said Janakiraman S, president and CEO, R&D Services, MindTree Consulting.

Jagannathan Balaji, President and CEO of Purple Vision, said, “In a span of seven years, Purple Vision has proved to be a leading IC design service provider. The combined entity will not only be able to offer a broader range of services but also be able to increase its footprint and reach out to a larger group of potential customers, using MindTree’s global reach, scale and stability.

"Bangalore-based Purple Vision with 150 employees is the Indian subsidiary of TES Electronic Solutions SA, the global electronics design and manufacturing services company based in France. Founded in 2000, Purple Vision was acquired by TES in 2005. The company has achieved multiple, full-chip turnkey designs and has participated in over 150 silicon designs.

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