| Bangalore, April 04, 2006: Mindteck, a global IT solutions company (BSE: MDTK) today announced the acquisition of ISS Consultants Inc, a Software Consulting services Company headquartered in Houston, Texas. ISS provides outsourced software services in SAP implementation and support as well as software development services for embedded systems.
The acquisition of ISS was made by Mindteck India’s wholly owned subsidiary, Mindteck USA Inc, in an all cash deal. For the calendar year ended 2005, ISS recorded revenues of $11 million and a profit of $ 2 million.
The service offerings of ISS reinforce that of Mindteck while extending Mindteck’s market reach and expanding its customer base. ISS will operate as a subsidiary of Mindteck USA and the executive management of ISS will continue in their current roles.
Commenting on the acquisition, Mindteck’s Group CEO, P A Ananthanarayanan said, “The acquisition of ISS is yet another step in the execution of Mindteck’s growth strategy that combines organic growth with prudent acquisitions that yield profitable operations. While bringing in valuable customer relationships, the acquisition also enhances Mindteck’s service capabilities especially in the SAP services space.”
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