Aztecsoft, a Rs 300 crore (Rs 3 billion) Bangalore-based outsourced product development firm, is witnessing the exit of its key board members.
In a major consolidation in the domestic IT industry, MindTree, a listed IT services company, will acquire Aztecsoft, another listed outsourcing product development firm. MindTree, which has bought four companies in the last eight years, will acquire 32.57 per cent stake in Aztecsoft from e4e Holdings, Mauritius, in an all cash deal for around Rs 117 crore (Rs 1.17 billion).
In the largest deal in the domestic information technology (IT) space, MindTree Consulting is set to acquire mid-tier outsourcing product development (OPD) and testing player, Aztecsoft, for around Rs 400 crore (Rs 4 billion). Both are Bangalore-based firms. Aztecsoft has over 2,200 employees and caters to the North American, European, Indian and Australian markets.
Ever since MindTree, the mid-sized information technology and research services firm, acquired Aztecsoft in 2008, it has had a clear strategy in mind.
When mid-size information technology (IT) services company MindTree acquired Aztecsoft in May 2008, many believed this would herald a trend in Indian IT, in terms of consolidation of small and mid-sized firms to enable them to viably compete with bigger ones.
The June quarter turned sour for MindTree as forex losses pushed the company into the red despite logging strong growth in revenues.
Dipen Shah of Kotak PCG does a check on IT stocks' performance.
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