Sector Focus IT

Bangalore's Mindtree makes global IT leapBangalore-headquartered mid-sized software services and outsourcing firm Mindtree took a major global leap with the acquisition of two IT companies.In a regulatory filing to the Bombay Stock Exchange (BSE), Mindtree confirmed that it has signed a definitive agreement to acquire 100 per cent equity interest in Bluefin Solutions Limited ('Bluefin'), a UK-based IT solutions provider specialising in SAP HANA solutions, in an all-cash transaction of £42.3 million.The consideration includes an upfront payment of £34 million and earn out of £8.3 million payable over the next three years. Krishnakumar Natarajan, chief executive and co-founder of Mindtree, said: “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.”The company also acquired 100 per cent of the equity interest in Relational Solutions Inc, a US-based IT solutions provider specialising in technology services to the consumer goods industry, also in an all-cash transaction for $10 million.The consideration includes an upfront payment of $7 million and earn out of $3 million payable over the next two years. This acquisition is subject to customary closing conditions and regulatory approvals, Mindtree said in a separate regulatory filing.Indian key to an all-new Google strategyOne of the world's best known tech companies took on a surprise restructuring move which now places an Indian techie at the heart of Google.Pichai Sundararajan, popularly referred to as Sundar Pichai, has been appointed CEO of Google as part of new parent company Alphabet. The Chennai-born graduate of IIT Kharagpur and Stanford University has already overseen some of Google's major innovations as head of products and engineering. Some of the major rollouts under his watch include Google's web browser, Chrome, as well as the Android mobile operating system, arguably the world's most popular mobile operating system. “Sundar has been saying the things I would have said (and sometimes better!) for quite some time now, and I've been tremendously enjoying our work together,” wrote Larry Page in his blogpost announcing all the big changes in the firm he co-founded with Sergey Brin.“I feel very fortunate to have someone as talented as him to run the slightly slimmed down Google... [to] continue to make big strides on our core mission to organise the world's information,” he said. In 43-year-old Pichai's own words: “For me, it matters that we drive technology as an equalising force, as an enabler for everyone around the world. Which is why I do want Google to see, push, and invest more in making sure computing is more accessible, connectivity is more accessible.”Some analysts believe his humble upbringing in India, where his family did not even own a telephone until he was 12, is likely to define much of his drive as chief executive of one of the world's most successful technology brands.