Indian company acquires Infotech for $21M

//May 9, 2008

Indian company acquires Infotech for $21M

//May 9, 2008

Cumberland County-based Infotech Consulting Inc. was
acquired for $21 million by Mindteck, an Indian technology and tech-services

Infotech’s offices in Hampden
Township will become the U.S.
headquarters for Mindteck, said L. Mohun Kapur, Infotech’s director of business

The deal is part of a larger move by Mindteck to acquire firms
in a global growth strategy, according to the company. In early April, Mindteck
acquired three other firms, including a California
tech company.

Mindteck and Infotech shared several investors prior to the
acquisition, Kapur said.

“In essence we were operating as sister companies, with
certain synergies, even though we were separate companies. It was definitely a
complimentary acquisition,” he said.

Pankaj Agarwal, Infotech’s chief executive officer and
founder, was named CEO of The Mindteck Group, which is the new company name following the acquisitions.

Mindteck made the announcement in the U.S. May 7, but the deal was
released to Indian markets on Feb. 8, according to the company.

Infotech employs 270 people throughout the U.S. with 90 of those working in Pennsylvania, Kapur

Mindteck is owned by Mindteck (India) Limited, a public company
traded on the Bombay Stock Exchange. It employs more than 1,000 people