MindTree a Stronger Midsize Alternative to the Largest Offshore Service Providers According to Leading Research Firm

Published 2nd April 2009

Global IT and R&D services company MindTree, today announced that a recent AMR Research report has declared the company a stronger midsize alternative to the largest offshore service providers following its acquisition of Aztecsoft Ltd.

According to the recent 2009 report, MindTree’s Aztecsoft Acquisition: A Closer Look at a Global Services Contender in the Making, author Dana Stiffler states, “The (Aztecsoft) acquisition diversifies MindTree’s existing service lines quite nicely. By adding substantial capabilities in outsourced product development and independent testing, MindTree has more potential upside in the future with IT and product engineering prospects.

“As a result, the company becomes an even stronger midsize alternative to the largest offshore service providers for manufacturers, retailers, and software companies. It is large enough… and diverse enough, with its expanded operations, to compete meaningfully against TCS, Infosys, Wipro, and the other big India, Inc. players, but also against larger Western incumbents,” Stiffler continues.

In May 2008, MindTree announced its intention to acquire an equity stake in Aztecsoft, a global leader in Outsourced Product Development and Independent Testing. Aztecsoft provides full-lifecycle product engineering, independent testing, sustenance engineering and professional services to application and infrastructure software vendors, as well as to New Media and Internet-based companies. The merger is expected to be complete by April 2009.

“MindTree decided to acquire Aztecsoft because it strongly complemented our existing expertise in both IT and R&D Services,” said MindTree CEO Krishnakumar Natarajan. “The recent AMR report validates our strategy as this leading research firm recognizes how synergies between the companies strengthen our position as a midsize alternative to the larger offshore service providers.”