According to a press statement, IT services firm Mindtree Ltd., based in Bangalore, India, will acquire Minneapolis-based Magnet 360, a Salesforce.com platinum consulting partner, for $50 million in cash, in a move to address the cloud-based services market.
The deal features an upfront payment of $37 million and an additional payout of up to $13 million over the next two years, reports VCCircle.
Magnet 360 specializes in multi-clouded solutions providing consulting services and implementation, primarily to media/entertainment, manufacturing and finance industries.
“This acquisition will strengthen our offerings in digitizing the value chain and building sense-and-respond systems,” Krishnakumar Natarajan, chief executive officer and managing director of Mindtree, said in the statement.
“Our expertise in Salesforce, combined with Mindtree’s strategic relationships with Global 2000 companies, will position us among the leading consulting, implementation and integration partners for Salesforce programs,” said Matt Meents, CEO of Magnet 360.
