MindTree to acquire Kyocera Wireless India

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MindTree to acquire Kyocera Wireless India
Mumbai: MindTree is about to acquire Kyocera Wireless India with an upfront payment of $6 million. Further payment will be according to the revenue in financial year 2011 (FY11) and FY12. The IT firm expects the acquisition to contribute about $9 million in revenues for the period October 2009 to March 2010, with profit after tax expected to be in the range of 13-15 percent, MindTree said in a statement to Reuters.

Kyocera Wireless India is a unit of San-Diego based Kyocera Wireless. It has 600 employees in India and develops custom wireless handsets for Indian service providers. "This acquisition makes them (Kyocera) a major strategic client for MindTree," said S Janakiraman, President and Group Chief Executive, Product Engineering Services, MindTree.

"This allows Kyocera to improve its cost structure and competitiveness while providing MindTree a strong engineering resource," said Yasuyuki Yamamoto, General Manager, Kyocera Wireless. MindTree says that this deal will help in increasing growth of MindTree's product engineering services business under which it offers design and technology services including wireless technology.

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