India-based technology services provider Mindtree has agreed to acquire US-based consulting partner Magnet 360, backed by Salesforce Ventures, for up to $50m.
Mindtree will make an upfront payment of $37m with the remainder as performance fees over the next two years.
Krishnakumar Natarajan, CEO of Mindtree, said: “This acquisition will strengthen our offerings in digitizing the value chain and building sense-and-respond systems.”
Magnet 360 has been a partner of US-listed human resources services provider Salesforce since 2004. Its corporate venturing unit, Salesforce Ventures, had invested in Magnet 360 along with StarTec Investments and Gage Group, according to Mindtree’s statement, although no public filings had been made after one in 2010.
Matt Garratt, head of Salesforce Ventures, by email said that although “we can’t provide information on acquisitions particularly when we are not the acquirer and just an investor” the unit had had about 40 exits so far.