Mindtree acquires Magnet 360 for $50 million

Mindtree has acquired Magnet 360 -- a US-based Salesforce consulting partner, for $50 million in an all cash deal. The deal, expected to close in the next two months, will see about 150 people joining Mindtree. With this acquisition, the company is looking to up its play in the fast growing cloud computing services area. The company has Honeywell, Nike, Cargill among its clients.

Mindtree is a global information technology consulting firm specializing in corporate IT services and solutions. It provides services such as Application Maintenance Services, Business Intelligence, Mainframe and System I, Infrastructure Management and Technical Support, etc.