Bangalore, Nov. 14 The Bangalore-based MindTree Consulting has acquired semiconductor firm Purple Vision for $6.55 million (Rs 25.76 crore) in an all-cash deal. The deal will close toward the end of this quarter.
TES-PV Electronic Solutions Pvt Ltd (â€˜Purple Vision Technologiesâ€™) is the Indian subsidiary of French electronic design and manufacturing services company TES Electronic Solutions SA. It was founded in 2000 and acquired by TES in 2005.
The Bangalore-headquartered firm employs 150 and earned revenues of $5 million last fiscal. For the first half year ended September 30, its revenues stood at Rs 10 crore. It has 15 clients and a niche expertise in design for testability services in the VLSI space.
Very Large Scale Integration (VLSI) refers to high-tech chip creation process. The VLSI market has been growing at 25-30 per cent in the last two-three years.
With the acquisition, MindTreeâ€™s chip design team will total 350 professionals. â€œTogether we can mine this market,â€ said Mr Janakiraman S., President and CEO, R&D Services, MindTree.
Purpleâ€™s clientele base does not overlap MindTreeâ€™s and the skills complement each othersâ€™, enabling MindTree to now bid for entire chip design projects.