Financial Daily from THE HINDU group of publications
Friday, May 06, 2005
Financial Daily from THE HINDU group of publications Friday, May 06, 2005 |
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Info-Tech
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Mergers & Acquisitions MindTree buys Linc Soft Our Bureau
(From left) Mr Ashok Soota, Chairman & Managing Director, MindTree Consulting; Mr Krishnakumar Natarajan, President and Chief Executive Officer; and Mr Chandra Kumar, Chairman & CEO, Linc Software Services, at a press conference In Bangalore on Thursday. - - Murali Kumar K
Bangalore , May 5 MINDTREE Consulting, an international IT and R&D services company, announced it has acquired Bangalore-based Linc Software Services Pvt Ltd for an undisclosed amount. The acquisition will enhance MindTree's position in the IBM mid-range system space, said Mr Ashok Soota, MindTree Consulting Chairman and Managing Director. "Linc Software's 220 employees will enable MindTree to cater to the large installed base of IBM iSeries systems and the strong demand for application development and maintenance on these platforms the world over. Together we hope to make revenues of $90 million next year," said Mr Soota. Bangalore-based Linc Software, which had revenues of about $7 million last fiscal, has focussed on application development and maintenance, ERP product support and web development. The Bangalore-headquartered company has over 220 employees and offices in US, UK, Singapore, Switzerland and Australia. Linc Software offers services to manufacturing and banking and insurance sectors with technology focus on all iSeries technologies, LANSA, BPCS, WebSphere, AS/SET, Domino Notes etc. "The acquisition of Linc Software will enable MindTree to strengthen its capabilities," said Mr Krishnakumar Natarajan, MindTree Consulting President and Chief Executive Officer, IT services."Growth has been mostly organic and acquisitions have and will be driven by customer needs that we cannot build fast organically," he said. MindTree can also offer a wider range of services to Linc's customers, said Mr Chandra Kumar, Chairman and CEO, Linc Software. MindTree closed fiscal 2004-05 with revenues of $55 million. MAPE Advisory Group and Avendus Advisors were investment bankers to this transaction.
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