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MindTree acquires French chip design company for $6.5 Mn
By siliconindia
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Thursday, 15 November 2007, 20:30 IST
Bangalore: Bangalore-based MindTree Consulting, a global IT and R&D services company, has acquired semiconductor firm Purple Vision for $6.55 million in an all-cash deal. The deal will close toward the end of this quarter.
TES-PV Electronic Solutions ('Purple Vision Technologies') is the Indian subsidiary of French electronic design and manufacturing services company TES Electronic Solutions founded in 2000 and acquired by TES in 2005.
Mind Tree employs 150 and earned revenues of $5 million last fiscal. For the first half-year ended September 30, its revenues stood at $2.5million. It has 15 clients and a niche expertise in design for testability services in the Very Large Scale Integration (VLSI) space.
The VLSI market has been growing at 25-30 percent in the last two-three years.
With the acquisition, MindTree's chip design team will total 350 professionals. "Together we can mine this market," said Janakiraman S , President and CEO, R&D Services, MindTree.
Purple's clientele base does not overlap MindTree's and the skills complement each others', enabling MindTree to now bid for entire chip design projects.
The company's scrip was up 2.28 percent to $11 on Wednesday.