Mindtree acquires Purple Vision

MindTree Consulting Ltd on November 14, 2007 announced that it has signed a definitive agreement to acquire 100% of the equity in TES-PV Electronic Solutions Pvt Ltd ("Purple Vision"), the India-based, fully-owned subsidiary of TES Electronic Solutions SA, the global electronic design and manufacturing services Company based in France.

MindTree will acquire Purple Vision in an all-cash deal of $ 6.55 Million. The transaction will become effective upon completion of certain closing conditions, as is customary in such circumstances. The Company expect to complete the closing conditions in 4-6 weeks.

Purple Vision is a 150-person subsidiary of TES Electronic Solutions, providing differentiated services in the IC Design area. Founded in 2000, Purple Vision was acquired by TES in 2005. The Company has achieved multiple, full-chip turnkey designs and has participated in over 150 silicon designs with an unprecedented success rate of over 95% in the first pass silicon. It has emerged as a leading third party service provider in Design for Testability (DFT), having developed and licensed its lntellectual Property in EDA methodologies. Purple Vision's customers include eight of the world's top 10 semiconductor Companies and three of the top 10 Companies in each of consumer electronics, networking and telecom systems industries.

"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. Our combined strength and rich experience in IC Designs, Embedded and Application software will enable us to attain global leadership in offering turnkey design services to our customers globally," said the Company's President and CEO, R&D Services, Janakiraman S.

MindTree is a leading player in the ASIC and IC design Service, Over the past 7 years, MindTree has built extensive capabilities in the Design, Verification, Design for Testability, Physical Design and Analog Design areas and emerged as one of the largest provider of services in this space. MindTree runs offshore development centers (ODCs) for large semiconductor Companies and offers various state-of-the-art IC design services to a host of other customers. MindTree is also a leading provides of semiconductor IPs in the short range wireless areas.