New Delhi, Jul 16 (PTI) : Mid-sized IT firm Mindtree will acquire two companies Relational Solutions and Bluefin Solutions in the US and the UK, respectively for a total consideration of over Rs 483 crore.
The move will help the Bangalore-based firm strengthen its digital services portfolio.
The Board of Directors have approved the acquisition of 100 per cent of the equity interest in US-based Relational Solutions in an all-cash transaction for USD 10 million (about Rs 63.5 crore), MindTree said in a statement today.
It firther said the Board has also given its nod to acquire 100 per cent equity interest in UK-based Bluefin Solutions for GBP 42.3 million (about Rs 419.6 crore) in cash.
Relational specialises in offering technology services to the consumer goods industry, while Bluefin offers SAP HANA solutions.
“The consideration (for Relational Solutions) includes an upfront payment of USD 7 million and earn out of USD 3 million payable over the next two years,” it said.
For Bluefin, the consideration includes an upfront payment of GBP 34 million and earn out of GBP 8.3 million payable over the next three years, it added.
“CPG clients are seeking to use advanced analytics to improve ROI on trade spends, improve on-shelf availability and correct merchandising voids. With the Relational acquisition, we see opportunities to deliver improved value using predictive analytics capabilities in these areas, and further the digital transformation journey of our clients,” Mindtree EVP and Head Digital Business Radha R said.
The company has also announced its financial results for the quarter ended June 30, 2015.
It has posted 6.8 per cent jump in net profit to Rs 138.2 crore in the said quarter from Rs 129.4 crore in the April-June 2014 period.
Mindtree’s revenues grew 16.3 per cent to Rs 981.6 crore in the quarter under review from Rs 843.5 crore in the year-ago period.