Indian IT services company Mindtree Consulting has entered into an agreement to acquire IC design company TES-PV Electronic Solutions (Purple Vision), a subsidiary of TES Electronic Solutions SA.
Mindtree will buy a 100% equity stake for $6.5m to enhance its chip designing services and expects the transaction to be completed in the next four to six weeks.
India-based TES-PV Electronic Solutions (Purple Vision) is a third-party service provider in design for testability (DFT) and has developed and licensed its intellectual property in electronic design automation methodologies. It was founded in 2000 and acquired by TES in 2005.
With the acquisition of Purple Vision, MindTree’s IC Design team will be a formidable size of 350 professionals, making it one of the largest independent design services organizations in India. The domain expertise of Purple Vision will fully complement MindTree’s existing offerings, enabling us to bid for end-to-end chip design projects, said Janakiraman, president and chief executive at MindTree.
Mindtree has grown inorganically to improve its service offerings. In a similar move, it acquired India-based ASAP Solutions in 2004 and Linc Software Services in 2005 to enhance its application development and maintenance domain services for IBM mid-range systems. The company’s chairman and managing director, Ashok Soota, recently indicated to Reuters that the company has plans for acquisitions in Europe.
Source: ComputerWire daily updates