Mahindra-BT Acquires Axes for $54 mn

Telecom solutions provider Mahindra-British Telecom (MBT),
has announced the acquisition of Texas-based Axes Technologies for $54 mn in an
all-cash deal. With this, MBT has expanded its portfolio of offerings to include
Telecom Expense Management (TEM) services. "This acquisition is
complementary to MBT's presence and capabilities in the telecom service
provider space," said Vineet Nayyar, MD and CEO, MBT. At present, Axes
Technologies employs around 850 employees and has development centers in
Bangalore and Chennai, while MBT has centers in Pune and Mumbai. Nayyar said
that the combined strength of both companies is around 8500 and would touch
10,000 soon.

As part of the buy-out, MBT will integrate all Axes
facilities, clients and employees. Axes is expected to close its revenues this
fiscal at $30 mn and the combined revenues of both MBT and Axes is $280 mn.
Nayyar added that the company's non-British Telecom revenues had grown 100%.