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Mindtree increases Aztecsoft stake to 79.9%

Krishnakumar Natarajan takes over as Aztecsoft Chairman & MD; Samir Bodas inducted on the Board. 

MindTree Limited, a global IT and R&D Services Company, announced that it has completed the open offer to acquire equity stake in Aztecsoft Limited. MindTree now holds 79.9% equity stake in Aztecsoft. Consequently, Aztecsoft has become a subsidiary of MindTree Limited.

In a meeting of the Board of Directors of Aztecsoft, held on July 29, 2008, MindTree Chief Executive Officer Krishnakumar Natarajan took over as the Chairman & Managing Director of the company. Aztecsoft CEO Samir Bodas has been inducted on the Board of Directors. Mr Sunil Gulati, Mr S.R. Gopalan and Mr A.V. Sridhar will continue to serve on the Board as independent directors.

“Having successfully completed the open offer to acquire Aztecsoft shares, we will soon commence the process of merging Aztecsoft into MindTree, subject to regulatory and shareholder approvals,” said MindTree Chairman & Managing Director Ashok Soota. “We are pleased with the synergies between Aztecsoft and MindTree. It is turning out to be a win-win relationship for our customers, our people and other stakeholders.”

Safe Harbor

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

About Mindtree

MindTree Limited is a global IT and R&D Services Company co-headquartered in the U.S. and India.  With a passion for customer satisfaction, MindTree partners with its clients to create a transparent, value-based relationship.  Our domain experts deliver business-enabling solutions by leveraging a consulting led, framework-based and IP-driven approach.  MindTree's IT Services business provides a range of services to CIOs across a variety of industry segments.  Our R&D Services business works with Technology companies to help build innovative products by providing Product Realization services.

MindTree was named among the Top 30 offshore service providers by the International Association of Outsourcing Professionals and Fortune Magazine. Widely known for its focus on human capital development, MindTree has been consistently rated among the most admired employers by several industry surveys, including Hewitt Associates and Mercer/TNS, and is also the winner of the MAKE Award for knowledge management. MindTree has been selected as one of the Top 25 companies for good Corporate Governance practices.  MindTree is publicly listed in India. Please visit us at www.mindtree.com

Visit us at www.mindtree.com. For more information, contact:

Ashwini Rajeswara
MindTree Ltd.
Ph: +91-80-26711777
ashwini_rajeswara@mindtree.com

Ritika S Mishra
Brand-Comm
Ph: 080-25539258/+91-9845577633
ritika@brand-comm.com