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Mindtree acquires Magnet 360

IT firm Mindtree today said it will acquire Salesforce consulting partner Magnet 360 in an all-cash deal of $ 50 million (about Rs 338.3 crore).

The deal, expected to close in the next two months, will see about 150 people joining Mindtree.

“Magnet 360 brings strong expertise across Salesforce Sales, Service and Marketing Cloud implementations. Combined with our Salesforce practice, this acquisition positions us for leadership in the fast-growing cloud-based services market,” Mindtree CEO and Managing Director Krishnakumar Natarajan said in a conference call.

He added that the consideration includes an upfront payment of USD 37 million and earn out and additional payout of up to USD 13 million over the next two years.