MindTree poised for larger growth

MindTree Ltd, research, development and IT services firm, signed an agreement to buy 32.57 percent in Aztecsoft for $90 million from the latter’s promoter, e4e Holdings Ltd, at 80 rupees a share.

MindTree made a net profit of $25.7 million on 2007-08 revenues of $191 million, whereas Aztecsoft’s revenues were $63 million. After the merger, the combined entity will now break into the Nasscom top 15 list in the Indian IT industry by revenues and adds muscle to bid for bigger contracts.