Bangalore-based global technology and IT services company, Mindteck (India) Limited, on Wednesday, announced the acquisition of US, Pennsylvania-based Infotech Consulting.

The multi-disciplined  technology services firm has been acquired for US$21 million in a cash-cum-stock-swap deal.
The cash component works out to US$1.5 million.

Briefing reporters, Mindteck Group Chief Executive Officer Pankaj Agarwal said the acquisition was first in a series of four, planned during fourth quarter of fiscal 2007-08 as part of the group’s go global growth strategy.

Customer base

Infotech Consulting, with estimated revenue of US$31 million for fiscal year ended December 31, 2007, employs over 250 people in the US and boasts of a large commercial and governmental customer base. The company’s expertise lies in business application consulting, security, infrastructure and managed services.

Mindteck, Mr Agarwal said, had raised US$7.20 million through private equity for its four acquisitions planned at a total cost of US$30.6 million as also to retire debt to the tune of US$0.50 million.

Mindteck plans to acquire one more company in the US besides the UK and Singapore. The company, which plans to span out its European operations by adding offices in German and Netherlands besides the US is also exploring acquisition of a Chinese firm to set its footprint in that country, Mr Agarwal added.

Mindteck is a leading provider of product development lifecycle services. It currently boasts of a total headcount of 1,000 which 350 based out of Bangalore and has offices in Malaysia and Bahrain as well.

The company hopes to end 2007-08 with turnover of US$75 million, on a consolidated basis including four acquisitions, registering a 241 per cent jump.