MindTree to acquire majority stake in Aztecsoft

Global IT and R&D services company MindTree Ltd has agreed to acquire 32.57 per cent in Aztecsoft Ltd at Rs80 per share from its largest shareholder, valuing the company at around $90 million.

MindTree will also make an open offer to Aztecsoft's shareholders to purchase up to an additional 20 per cent equity ownership interest, the company said in a release published on its website.

Aztecsoft, a 2,100 plus-strong software engineering services company, is a leader in the outsourced product development (OPD) and testing markets. It provides 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.

''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 organisations,'' said MindTree chairman and managing director Ashok Soota.

OPD products include embedded, platform/infrastructure, middleware, application, and SaaS/cloud-computing software segments.

MindTree is well recognised 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.