Software services provider Mahindra Satyam, today said that it has acquired a majority 51-per cent stake in Brazil's Complex IT, a SAP services provider.
The company has made an upfront payment of $6.5 million of the total of up to $23 million. The remaining would be paid after 18 months on reaching certain milestones, it said in statement.
It has the option to acquire the balance 49 per cent in the Brazilian firm, which has revenues of about $45 million and employs about 500 personnel.
This acquisition will focus on developing solutions for the rapidly expanding enterprise solutions market within Brazil. Mahindra Satyam and Complex IT will be going to market with proprietary solutions for large manufacturing, financial and consumer services companies in the market.
Mahindra Satyam did not reveal the financial value of the transaction, but said that it expects to complete the merger in March, with the combined company expected to get a brand overhaul soon.
The deal however comes less than a year after the Hyderabad-based company acquired the Indian back office unit of Hutchison Whampoa and Comviva, providers of software for telecoms carriers.
Mahindra Satyam, the fifth-largest software services provider in India, said that São Paulo-based Complex IT was founded in 1998 and is a very successful full SAP services provider with more than 500 consultants, and more than 120 active clients.