Mindteck acquires stake in US co

Mindteck USA Inc has acquired a stake in US-based software consulting company, ISS Consultants Inc, in an all-cash deal.

Mindteck India Ltd said on Monday that its wholly owned subsidiary Mindteck USA Inc has acquired a stake in US-based software consulting company, ISS Consultants Inc, in an all-cash deal.

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IT solutions provider, Mindteck India informed the stock exchanges about the same without disclosing the amount paid for the acquisition.

The US-based company had revenues of $11.20 million and a net profit of $1.96 million for the year ended December 31, 2005.