Date:07/10/2004 URL: http://www.thehindubusinessline.com/2004/10/07/stories/2004100702140700.htm

Back MindTree buys ASAP Solutions

Our Bureau

Bangalore , Oct..6

IT services firm MindTree Consulting said on Wednesday that it has acquired the Noida-based ASAP Solutions for an undisclosed sum in an all cash deal.

The buy-out would help MindTree expand its capabilities in areas of enterprise resource planning, client-server, Internet and integration solutions, the company said in a release.

The 120-strong ASAP Solutions focuses on implementation of SAP, maintenance, and application integration.

It also has a data management practice, through which it works with large enterprises on architecting and maintaining mission-critical systems. Details of ASAP's client base were not available.

Prior to this acquisition, MindTree had a 50-member SAP implementation team and its clientele included firms like Volvo, the Unilever Group and PSA.

"The acquisition will expand our capability in the ERP segment, which is one of our fastest growing practice areas," said MindTree chairman and managing director, Mr Ashok Soota in a statement.

"This deal would help us grow our presence in North India," said MindTree's IT Services Chief Executive Officer, Mr Krishnakumar Natarajan.

MindTree, which has close to 1,500 people, expects its revenue to touch $50 million by the end of the current financial year.

The company, which closed 2003-04 with revenue of $29.2 million, aims to grow at around 60 per cent in the current fiscal.