Thursday, February 7, 2008

Mindteck Buys Infotech Consulting

Mindteck (India) Ltd, a global technology and IT services company, has acquired the US-based Infotech Consulting and plans to acquire three more companies in the US, Europe and Asia by end of March. The Pennsylvania-headquartered Infotech Consulting is a small company with around 200 staff and valued at $21 million by the leading consulting firm Ernst & Young. The acquisition is through cash and share swap, Mindteck marketing manager Jaideep Sikdar said.

Infotech Consulting has revenue earnings of $ 31 million. Mindteck paid $1.5 million in cash for the deal and the rest was through the offer of around 785,000 shares at Rs 98 per share. Earlier Mindteck group Chief Executive Officer Pankaj Agarwal, who founded the Infotech Consulting in Pennsylvania in 1996, said that Mindteck will buy one more IT firm in the US, one in Britain and a third one in Singapore. Investments in the four acquisitions will come to $30.6 million and will help raise the company''s revenue to $75 million from the present $27 million. Mindteck specialises in embedded systems, business applications consulting, enterprise consulting, SAP and security.

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