Leading ASIC and IC design Service provider, MindTree Consulting today announced the signing of a definitive agreement to acquire 100% of the equity in TES-PV Electronic Solutions (Purple Vision), the India-based, fully-owned subsidiary of TES Electronic Solutions SA.MindTree will acquire Purple Vision in an all-cash deal of $ 6.55 million, and expects to expects to close the deal in 4-6 weeks. The transaction will become effective upon completion of certain closing conditions, as is customary in such circumstances.Purple Vision is a 150-person subsidiary of TES Electronic Solutions, providing differentiated services in the IC Design area."With the acquisition of Purple Vision, MindTree's IC Design team will be a formidable size of 350 professionals, making it one of the largest independent design services organizations in India. The domain expertise of Purple Vision will fully complement MindTree's existing offerings, enabling us to bid for end-to-end chip design projects. Our combined strength and rich experience in IC Designs, Embedded and Application software will enable us to attain global leadership in offering turnkey design services to our customers globally," said Janakiraman S,President and CEO, R&D Services.
