The Hindu Business Line : MindTree buys French chip design co for $6.5 m

Bangalore, Nov. 14 The Bangalore-based MindTree Consulting has acquired semiconductor firm Purple Vision for $6.55 million (Rs 25.76 crore) in an all-cash deal. The deal will close toward the end of this quarter.

TES-PV Electronic Solutions Pvt Ltd (‘Purple Vision Technologies’) is the Indian subsidiary of French electronic design and manufacturing services company TES Electronic Solutions SA. It was founded in 2000 and acquired by TES in 2005.

The Bangalore-headquartered firm employs 150 and earned revenues of $5 million last fiscal. For the first half year ended September 30, its revenues stood at Rs 10 crore. It has 15 clients and a niche expertise in design for testability services in the VLSI space.

Very Large Scale Integration (VLSI) refers to high-tech chip creation process. The VLSI market has been growing at 25-30 per cent in the last two-three years.

With the acquisition, MindTree’s chip design team will total 350 professionals. “Together we can mine this market,” said Mr Janakiraman S., President and CEO, R&D Services, MindTree.

Purple’s clientele base does not overlap MindTree’s and the skills complement each others’, enabling MindTree to now bid for entire chip design projects.

The company’s scrip was up 2.28 per cent to Rs 440.25 on Wednesday.

More Stories on : Mergers & Acquisitions | Hardware

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