MindTree in acquisition mode
When Ashok Soota, the founder chairman of MindTree - a mid-sized IT firm with market capitalisation of Rs 1,499 crore - quit in January this year there were concerns about the company's future.business Updated: Mar 16, 2011 20:47 IST
When Ashok Soota, the founder chairman of MindTree - a mid-sized IT firm with market capitalisation of Rs 1,499 crore - quit in January this year there were concerns about the company's future.
Keen to shrug off apprehensions the company quickly set its house in order and has charted a road map where it sees itself as a niche software company with specialised skills in select business segments and is eyeing to acquire other IT firms.
"We could go for mid-sized acquisitions in the deal size of $60 million (Rs 270 crore) to $100 million (Rs 450 crore)," said Krishnakumar Natarajan, CEO and MD of MindTree.
He refused to divulge further details if the company was actively scouting to buyout a company.
"We will not acquire very small companies," he said.
The company has also chalked out plans to specialise in three business verticals such as manufacturing, BFSI (banking, financial services and insurance) and travel & transportation.
"Customers today want specialised services from their IT service provider so it will be good to focus on select verticals and count among the top software company in the domain," he said.
He explained Soota had been planning his resignation for the last three years and was not involved in daily affairs of the company.
"The company has not been affected by his exit."