MBT acquires Axes Tech for $54mn

Mahindra-British Telecom (MBT) has acquired US-based Axes Technologies for $54 million.

Axes provides technology solutions to telecom equipment manufacturers (TEMs), and has development centres in Bangalore and Chennai.

"Axes was expecting a topline of $30 million for the financial year ending March next year," Paul Pandian, founder and president of Axes Technologies, said.

MBT, the eighth largest software exporter, is a joint venture of Mahindra and Mahindra (M&M) and UK-based BT Group Plc.

"The company, which currently has 7,500 professionals, expects to clock  $280 million revenue in 2005-06 as against $217 million in the previous year," Vineet Nayyar, managing director and CEO of MBT, said.

MBT is also planning to increase head-count by 1,150 people to reach 10,000 employees within six months, he added.