Mindteck buys 3 firms for $9.6 mn

Bangalore-based IT services firm Mindteck has announced acquisitions of three companies for $9.6 million (around Rs 38.4 crore).

It completed the acquisition of the US-based Primetech Solutions, an IT consulting company. It also acquired two of its associate companies "� Mindteck UK and Mindteck Singapore.

These acquisitions will expand Mindteck's operation in the US, Europe and Asia-Pacific as part of its 'Go Global' strategy.

Mindteck has raised $7.47 million (around Rs 31 crore) through private equity for implementation of the strategy. The new investments are being used to fund current acquisitions, repay debt and for future growth.

The company has paid $2.5 million for the acquisition of its Singapore associate ($1 million in cash and $1.5 million through stock swap).

The UK associate was acquired for $0.5 million through stock swap. Primetech Solutions was acquired for $6.6 million through stock swap.

Mindteck Group CEO Pankaj Agarwal said, "With every acquisition, Mindteck further strengthens its range of services."

In February, the company had completed its first acquisition in a series of four planned acquisitions.

With these acquisitions, Mindteck has completed its first phase of 'Go Global' strategy at an investment of $30.6 million.