March 17, 2009: Warren, NJ
MindTree Ltd., a global IT and R&D services company, today announced that a recent AMR Research report has declared the company a stronger midsize alternative to the largest offshore service providers following its acquisition of Aztecsoft Ltd.
According to the January 15, 2009 report, MindTree's Aztecsoft Acquisition: A Closer Look at a Global Services Contender in the Making, author Dana Stiffler states, "The (Aztecsoft) acquisition diversifies MindTree's existing service lines quite nicely. By adding substantial capabilities in outsourced product development and independent testing, MindTree has more potential upside in the future with IT and product engineering prospects.
"As a result, the company becomes an even stronger midsize alternative to the largest offshore service providers for manufacturers, retailers, and software companies. It is large enough... and diverse enough, with its expanded operations, to compete meaningfully against TCS, Infosys, Wipro, and the other big India, Inc. players, but also against larger Western incumbents," Stiffler continues.
In May 2008, MindTree announced its intention to acquire an equity stake in Aztecsoft, a global leader in Outsourced Product Development and Independent Testing. Aztecsoft provides full-lifecycle product engineering, independent testing, sustenance engineering and professional services to application and infrastructure software vendors, as well as to New Media and Internet-based companies. The merger is expected to be complete by April 2009.
"MindTree decided to acquire Aztecsoft because it strongly complemented our existing expertise in both IT and R&D Services," said MindTree CEO Krishnakumar Natarajan. "The recent AMR report validates our strategy as this leading research firm recognizes how synergies between the companies strengthen our position as a midsize alternative to the larger offshore service providers."
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.
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 has acquired an 80% equity stake in Aztecsoft Ltd., a global leader in outsourced product development and independent testing. The Company intends to complete the merger by April 2009.
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, and the National Award for Excellence in Corporate Governance. MindTree is publicly listed in India. Please visit us at www.mindtree.com.