Mahindra Satyam buys majority stake in Brazilian firm

The sum paid for the SAP consulting provider Complex IT is undisclosed

Mahindra Satyam said it acquired a majority stake in Brazil's Complex IT, a provider of consultancy on the use of SAP AG's business management software, for an undisclosed sum.

This acquisition will focus on developing solutions for the enterprise solutions market within Brazil. Mahindra Satyam and Complex IT will be going to market with proprietary solutions for large manufacturing, financial and consumer services companies in the market. This initiative marks another important milestone in offering Mahindra Satyam's customers a global delivery capability In Latin America.

"This combination of Complex IT and Mahindra Satyam strengthens our commitment to the Brazilian market, which is one of the fastest growing Enterprise solutions markets. We look forward to expanding our market presence and ofTer global delivery capabilities to our customers" said Arvind Malhotra, Global Head, Latin America & Strategic Accounts, Mahindra Satyam.

Brazil is the second fastest growing geography for SAP, and its IT spends are at around $70 billion, with $36 billion spent on services and software. Software revenues for SAP grew 20 per cent last year.

Satyam expects IT spends to go up as the country gears up to host FIFA world cup in 2014 and Olympics in 2016.

“The BRICs (Brazil, Russia, India and China) have the potential to achieve leadership position in the global economy. This relationship with Mahindra Satyam would mean enhanced career opportunities for our team,” said Antonio Rossi, chairman and CEO of Complex IT.