Mindtree buys US firm Discoverture for $15 m

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Mindtree has reported good third quarter profits and is confident that it will beat the upper band of Nasscom’s 13-15 per cent guidance for this financial year.

The Bengaluru-based mid-size company posted a net profit of 140.8 crore in the December-ended quarter, a 58 per cent growth on a year-on-year basis. On a sequential basis, the growth was 2.4 per cent. The company also announced the acquisition of US-based Discoverture Solutions for $15 million, which gives the company a stronger foothold in the insurance vertical. However, revenues from this acquisition will not reflect this financial year. Mindtree shares closed 2.3 per cent to 1,412.

“Amongst mid-size companies, Mindtree numbers are good and the $50 million client is positive and it needs to keep doing this more often,” said Sanchit Vir Gogia, Chief Analyst Greyhound Research.

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