| Bangalore-based IT services firm Mindteck has announced acquisitions of three companies for $9.6 million (around Rs 38.4 crore). |
| It completed the acquisition of the US-based Primetech Solutions, an IT consulting company. It also acquired two of its associate companies – Mindteck UK and Mindteck Singapore. |
| These acquisitions will expand Mindteck’s operation in the US, Europe and Asia-Pacific as part of its ‘Go Global’ strategy. |
| Mindteck has raised $7.47 million (around Rs 31 crore) through private equity for implementation of the strategy. The new investments are being used to fund current acquisitions, repay debt and for future growth. |
| The company has paid $2.5 million for the acquisition of its Singapore associate ($1 million in cash and $1.5 million through stock swap). |
| The UK associate was acquired for $0.5 million through stock swap. Primetech Solutions was acquired for $6.6 million through stock swap. |
| Mindteck Group CEO Pankaj Agarwal said, “With every acquisition, Mindteck further strengthens its range of services.” |
| In February, the company had completed its first acquisition in a series of four planned acquisitions. |
| With these acquisitions, Mindteck has completed its first phase of ‘Go Global’ strategy at an investment of $30.6 million. |
Source: Business Standard