Mahindra Satyam acquires Brazil's Complex IT
Software services exporter Mahindra Satyam (Satyam Computer Services) has acquired a majority stake in Sao Paulo, Brazil-based SAP consulting provider Complex IT.
February 15, 2013 / 22:28 IST
Moneycontrol Bureau
Software services exporter Mahindra Satyam (Satyam Computer Services) has acquired a majority stake in Sao Paulo, Brazil-based SAP consulting provider Complex IT.This acquisition will help focus on developing solutions for the rapidly expanding Enterprise Solutions market within Brazil, the Tech Mahindra owned company said on Friday.Mahindra Satyam and Complex IT will be going to market with proprietary solutions for large manufacturing, financial and consumer services companies in the market.Brazil is the second fastest growing geography globally for SAP AG, and software revenues for SAP grew 20 percent last year, according to Satyam. Companies in Brazil currently spend close to USD 70 billion on IT, with USD 36 billion being spent on services and software, it added."Together, Complex IT and Mahindra Satyam would be well positioned to combine local expertise with ability to deliver large and complex projects, in a period of sustained profitable growth for both partners," Mahindra Satyam said.The financial terms and conditions of the deal were not disclosed.Mahindra Satyam shares were down 2.3 percent at Rs 113.20 on NSE in late morning trade on NSE. Tech Mahindra was down 2.4 percent at Rs 977.90. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
