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Mindtree acquires 2 companies, net profit rises marginally

Mid-cap software services firm Mindtree posted a marginal first-quarter profit and splurged nearly $75 million to buy two companies, months after it revamped its mergers and acquisitions (M&A) team and hired a former Tech Mahindra executive to run the team, as part of the Bangalore-based firm's effort to shore up its digital business.

On a post-earnings call with reporters, chief executive and co-founder Krishnakumar Natara-jan also forecast that Mindtree would comfortably beat industry lobby Nasscom's 12-14% growth guidance for software exports for 2015-16, with the company sitting on a healthy order pipeline.

On Thursday, Mindtree said it bought UK-based SAP HANA consultancy Bluefin Solutions for about 42.3 million pounds ($66 million), as part of a push to help its largest customers simplify their business processes using SAP's business software. Mindtree CEO Natarajan said the acquisition would help Mindtree's customers in rapidly digitizing their operations.