MindTree to acquire 7Strata for Rs7.2 cr1 min read . Updated: 22 Apr 2010, 08:00 PM IST
MindTree to acquire 7Strata for Rs7.2 cr
Mumbai: IT firm MindTree Ltd today said it will acquire remote infrastructure management services provider 7Strata for Rs7.2 crore.
The company has entered into a definitive agreement to acquire the business (including people, customer contracts and intellectual properties) of Chennai-based 7Strata, MindTree Ltd said in a filing to the Bombay Stock Exchange.
“The all-cash deal is worth about Rs7.2 crore and we expect to close the deal by the first week of May," MindTree CFO Rostow Ravana told PTI.
The acquisition is subjected to certain closing conditions which are expected to be completed shortly, the filing added.
“The acquisition will enable MindTree to offer remote desktop management services for our India-based and global customers," MindTree president and CEO Parthasarathy NS said.
Remote Infrastructure Management (RIM) refers to remotely managing information technology (IT) infrastructure such as workstations (desktops, laptops, notebooks, etc), servers, network devices, storage devices and IT security devices of a company.
As part of the acquisition, the core management and delivery team of 7Strata would become part of MindTree infrastructure management and technical support business, it added.
According to Nasscom, the global Remote Infrastructure Management (RIM) industry has grown at more than 80% CAGR from $2 billion in 2006 to $7 billion in 2008 and India has been a significant beneficiary of this growth.