Mid-size IT services firm Mindtree
Ltd has inked a definitive agreement to acquire Magnet 360, a Salesforce.com
platinum consulting partner, for $50 Million in cash, in a move at addressing the
cloud based services market. The deal amount includes an upfront payment of $37
Million and earns out and additional payout of up to $13 Million over the next
two years.
With the acquisition of Magnet 360,
Mindtree will add more than 100 certified Salesforce experts and help clients digitize
back end values chains. This acquisition will strengthen their offerings in digitizing
the value chain and building sense and respond systems. Founded in 2008, Magnet
360 specializes in Multi-clouded solutions providing consulting services and implementation,
mainly to media/entertainment, manufacturing and finance industries. It is
operational mainly in the US.
The company has been a Salesforce partner
since 2004. Salesforce, Sales Cloud, Service Cloud, Marketing Cloud and others
are trademarks of Salesforce.com. Magnet 360 works with companies across Salesforce
solutions such as CRM, branded sites and communities, social campaign strategy and
management and marketing automation. Salesforce had invested in Magnet 360
along with StarTec Investments and Gage Group.
The company is headquartered in
Minneapolis with Offices in New York, Los Angeles and Chicago. Its revenue was
about $25 Million in calendar year 2015. Bangalore based Mindtree counts
Nalanda Capital, Global Technology Ventures and V G Siddhartha led café Coffee
Day Group as its shareholders.
