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Menon Associates, Khaitan help MindTree near $1bn target

internet-IT-globe
internet-IT-globe

Khaitan & Co Bangalore and local boutique Menon Associates have advised on the MindTree acquisition of US handset maker Kyocera Wireless' Indian arm for Rs 29 crores ($6m) and further consideration linked to future revenues.

Bangalore-based seven-year old boutique firm Menon Associates and its founding partner Satish Menon and senior associate Lakshmi Rajesh advised mid-sized IT company MindTree.

Menon said that his relationship with MindTree came about through previous transactions. "Aztecsoft Limited has been a client of mine even before it was acquired by MindTree and I was also involved in the 2004 acquisition of Disha Technologies by Aztecsoft."

In 2008 MindTree bought a 52.5 per cent stake in software testing and research firm Aztecsoft for $47.25m.

Menon Associates is a five-lawyer boutique operating in the same field out of Bangalore, which last month advised on a series A investment into a Hyderabad start-up. It is headed up by Menon who was previously the general counsel at IT company Wipro.

Khaitan & Co partner Rajiv Khaitan acted for Kyocera Wireless that is owned by a holding company of the Japanese Kyocera Corporation.

The buy-out of Kyocera was announced in late September and is the fifth acquisition by the IT company since its 1999 formation, following the purchase of ASAP Solutions, Linc Software Services and Purple Vision Technologies.

An IT outsourcing consultant told business daily Mint that MindTree earlier this year announced a desire to become a $1bn firm through inorganic growth.

Kyocera India provides engineering services of software and hardware products related to mobile phone handsets and base stations. Its 600 staff will also get transferred to MindTree and will continue its contracts with Kyocera and vendors abroad.

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