Financial Daily from THE HINDU group of publications
Thursday, Dec 02, 2004
Financial Daily from THE HINDU group of publications Thursday, Dec 02, 2004 |
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Info-Tech
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Mergers & Acquisitions Alliance Consulting buys Mensamind — To invest $50 m Our Bureau
Hyderabad , Dec.1 ALLIANCE Consulting Group Associates Inchas announced the completion of acquisition of Hyderabad-based Mensamind, and has renamed it Alliance India. Alliance Consulting is a subsidiary of NYSE-listed Safeguard Scientifics Inc. It now plans to invest in India and expand the scope of outsourcing work. This could mean increasing its headcount from the present 100 to 300 and to about 1,000 people over a couple of years. The Indian subsidiary would see total investment of about $50 million, the new management stated today. The President and Chief Executive Officer of Alliance Consulting, Mr Anthony A. Ibarguen, said the company's acquisition of Mensamind turned out to be a right fit as it wanted to bring in greater flexibility in the delivery model. "Our application outsourcing practice has been in demand with corporate and independent software vendor (ISV) clients and the addition of Mensamind gives us the flexibility to handle business the way our clients want — on-site, off-site, offshore or a blended hybrid of the three," he said. The Chief Technology Officer of Safeguards Scientific, Mr John Luftus, said: "The company manages portfolio valued at over $2 billion and has helped about 20 companies in their IPO and assisted about 100 mergers and acquisitions. We helped companies such as Comcast, QEC and Novell along with the likes of Cambridge Partners and Mantis. This acquisition would help address new areas of business. Our focus has been on growing business through mergers and acquisitions and we continue to scout for more acquisitions in India."
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