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With marginal growth in net profit, mid-tier software services firm <keyword id="6357902" type="COMPANY" weightage="100" keywordseo="MindTree">Mindtree</keyword> is on its way to shore up its digital business. It bought UK-based <keyword id="1025474" type="UNKNOWN" weightage="100" keywordseo="SAP-Hana">SAP HANA</keyword> consultancy <keyword id="2332027" type="UNKNOWN" weightage="100" keywordseo="Bluefin-Solutions">Bluefin Solutions</keyword> and Ohio, US-based Relational Solutions Inc for a combined value of nearly $75 million. 
 Mindtree bought Bluefin Solutions for about 42.3 million pounds, as part of a push to help its largest customers simplify their business processes using SAP's business software. Chief executive <keyword id="372282" type="PERSON" weightage="100" keywordseo="Krishnakumar-Natarajan">Krishnakumar Natarajan</keyword> said the acquisition would help Mindtree's customers in rapidly digitizing their operations. 
 
"We are very excited about the synergies both Mindtree and Bluefin bring in the digital space. The acquisition will strengthen our position to offer the full spectrum of SAP services. Bluefin's focus on SAP HANA and their expertise across the SAP portfolio creates the scale to deliver transformational services while driving greater efficiencies and operational effectiveness," said Krishnakumar Natarajan, chief executive and co-founder of Mindtree. 
 
Mindtree also bought US-based analytics provider Relational Solutions Inc (RSI) for about $10 million. RSI provides analytics solutions primarily for the consumer packaged goods sector. 
 
Coming back to its growth in net profit, for the quarter ended June 30, net profit stood at $21.8 million, up 0.6% from the same period last year. Revenue climbed 9.7% to $154.9 million, helped mainly by new deal wins during the quarter and a strong performance from its digital business which grew 12.7% sequentially. 
 
In rupee terms, net profit jumped 6.8% from the year-ago period to Rs. 138.2 crore, while revenue rose 16.4% to Rs. 981.6 crore. 
 
Mindtree's shares closed nearly flat at Rs.1225 on the BSE on Thursday. 
 
(Image credits: techgig)

Mindtree acquires two companies to shore up its digital business

Even though the new <a href="http://www.businessinsider.in/searchresult.cms?query=H1B&amp;sortorder=effectivedate">H1B ruling</a> has not been implemented in the US and <a href="http://www.businessinsider.in/searchresult.cms?query=donald+trump&amp;sortorder=effectivedate">President Donald Trump</a> has not said officially on it, the Indian IT companies are taking no chance and re-working their strategies. 
 
As the H1B visa application process will start from next month, many<a href="http://www.businessinsider.in/searchresult.cms?query=Indian+IT+companies&amp;sortorder=effectivedate"> IT companies</a> are implementing new policies as they don’t want to take any chance. 
 
<a href="http://www.businessinsider.in/latest/thanks-to-changed-visa-rules-infosys-wont-be-sending-its-junior-staff-to-the-us/articleshow/57728704.cms">Infosys</a> has decided not to send any of its junior staff on H1B visa this year. 
 
"The key thing is that we will stop applying for H-1B visas for employees with lower levels of experience,” Krishnakumar Natarajan, executive chairman of IT services company Mindtree Ltd., told <a href="https://www.bloomberg.com/news/articles/2017-03-20/india-s-outsourcers-adjust-strategy-ahead-of-trump-visa-changes">Bloomberg News</a>. "Additionally, we will reduce the numbers of visa applications as a whole and I expect overall industry numbers to fall.” 
 "We are going local and building recruitment to reduce dependencies on H-1B visas,” Bangalore-based Natarajan, a former chairman of industry body <keyword id="6372077" type="CITY" weightage="20" keywordseo="Nasscom">Nasscom</keyword>, told Bloomberg. 
 Meanwhile, <keyword id="43217" type="CITY" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> will apply for visas proportionate to the business needs. 
 
“The top companies, which account for 90 percent of the H1-B visas that Indian outsourcers get, are keenly matching skill requirements to applications,” Shivendra Singh, vice president and head of global trade development at Nasscom, told Bloomberg, adding “IT services providers are doing skillset mapping.”

Trump order or not, this is how Indian IT companies are changing plans as H1B visa application process starts next month

<ul><li>Mindtree shares open the week with gains of over 2% </li><li>L&amp;T is set to make a hostile bid as the company's founders refuse let go of control</li><li>Company's strategic investor, coffee baron VG Siddhartha, is expected sell his 21% stake to L&amp;T</li></ul> Indian technology services company Mindtree, backed by coffee baron VG Siddhartha, is at the centre of a takeover battle between the company's founders and one of the country's biggest conglomerates, Larsen and Toubro (L&amp;T). Shares of Mindtree opened the day up over 2% on Monday (March 18) as investors expect the battle for control between the hostile suitor L&amp;T, which has proposed to buy out <a href="https://tech.economictimes.indiatimes.com/news/corporate/mindtree-founders-plan-buyback-wall-to-block-lt/68435104" data-type="tilCustomLink" target="_blank">Siddhartha's 21% stake</a> in the company, and the existing leadership determined to keep control of the company. If L&amp;T pulls it off, it would be the first hostile takeover of an Indian IT company. The founders, Krishnakumar Natarajan, Subroto Bagchi, NS Parthasarathy and Rostow Ravanan, together own 13.32% stake in the company and they are so reluctant to let go of the company that Bagchi left a government job to avert a hostile takeover of Mindtree by L&amp;T. 
	
	
	
	
	
	
	
	
	<div type="twitter" handle="skilledinodisha" handlename="Subroto Bagchi" image="http://pbs.twimg.com/profile_images/727342138430771200/Kf0tzvdR_normal.jpg" favoritecount="418" retweetcount="101" status="Mindtree has not been designed as an “asset” to be bought &amp; sold. It is a national resource. It has a unique cultur… https://t.co/x9uT0UQ25s" createdat="1552835669000" id="1107299169415225345"></div>



















 The board of directors informed the stock exchange on Friday that it will consider a share buyback in a meeting on March 20. The move has come after the founders <a href="https://www.livemint.com/" data-type="tilCustomLink" target="_blank">reportedly</a> could not find private equity investors to counter L&amp;T's offer. L&amp;T <a href="https://timesofindia.indiatimes.com/business/india-business/lt-to-make-1st-ever-hostile-bid-in-indian-it-for-mindtree/articleshow/68457037.cms" data-type="tilCustomLink" target="_blank">reportedly</a> plans to spend $1 billion, including an open offer to minority investors, to gain controlling stake in the company. Indian takeover laws mandate that the suitor must buy shares worth 26% of the target company from the open market, if the stake in the target exceeds 25%. L&amp;T's offer price for another 31% stake in Mindtree may be around ₹980 apiece, a 4% premium to Friday’s closing price, the Economic Times reported. A share buyback by the existing board of directors at Mindtree would mean the company will use a part of its existing ₹2.8 billion reserves to thwart L&amp;T's bid. Investors may not like that, especially, at a time when there is premium offer on the table. On the other hand, L&amp;T Infotech, which is the conglomerate's IT subsidiary, has already lost a lot of share value since January when the rumours of the takeover surfaced. Investors <a href="https://www.livemint.com/market/mark-to-market/l-t-infotech-shares-already-carry-scars-of-meddling-with-mindtree-1552842303673.html" data-type="tilCustomLink" target="_blank">fear merging with Mindtree</a>, which has only one large client that is Microsoft, may hurt the performance of L&amp;T Infotech, whose stock price has more than doubled in the last three years and has a <a href="https://economictimes.indiatimes.com/tech/ites/lt-set-to-seal-mindtree-deal-with-caf-coffee-day-founder-vg-siddhartha/articleshow/68457010.cms" data-type="tilCustomLink" target="_blank">significantly wider profit</a> margin of 16% compared to Mindtree's 10%.

India begins a new trading week with a hostile takeover battle between Mindtree's founders and L&T

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Mindtree acquires two companies to shore up its digital business

BI India Bureau

Trump order or not, this is how Indian IT companies are changing plans as H1B visa application process starts next month

BI India Bureau

India begins a new trading week with a hostile takeover battle between Mindtree's founders and L&T

Sriram Iyer

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