(Adds deal value, details)
By Harichandan Arakali
BANGALORE, Feb 15 (Reuters) - Mahindra Satyam, a software
services unit of India's $15.9 billion Mahindra group, said it
acquired a 51 percent stake in Brazil's Complex IT, a provider
of consultancy services on the use of SAP AG's
business management software.
Satyam paid $6.5 million initially and expects to pay a
total of $20-23 million over an 18-24 month period for the 51
percent stake, based on certain pre-agreed milestones being
achieved, Arvind Malhotra, the company's head of Latin American
operations, told Reuters on Friday.
The company has the option of purchasing the remaining 49
percent as well, Malhotra said.
Complex IT brings 500 staff, customers such as C. Vale
Cooperativa Agroindustrial, and annual revenues of about $50
million to Satyam. It also opens up the $36 billion Brazilian IT
services market for the Indian provider.
Tech Mahindra, Satyam's parent company, is looking
to make acquisitions to add capabilities and customers as it
plans to double its revenue to about $5 billion by 2015.
The company has acquired businesses like the back-office
unit of Hutchison Whampoa Ltd and Comviva, an Indian
provider of software for telecommunications carriers, in the
fiscal year that ends March 31.
The company has said it expects to complete merging Satyam
with itself in March. The combined company, which is expected to
get a brand overhaul soon, is the fifth-largest software
services provider in India.
(Reporting By Harichandan Arakali; Editing by Prateek
Chatterjee and Matt Driskill)