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Mahindra-BT acquires Axes Technologies

Special Correspondent

Bangalore: Telecom software maker Mahindra-British Telecom (MBT) has acquired U.S.-based telecom solutions provider Axes Technologies, Inc which has offshore development centres in Bangalore and Chennai.

According to sources, the size and nature of the deal will be announced on Wednesday by Mahindra-British Telecom, a joint venture in which Mahindra & Mahindra group has a majority share.

Nasscom has ranked MBT as the eighth largest software exporter from India in 2004-05 with exports worth Rs. 913 crores ($ 202 million).

It had notched revenues of Rs. 929.59 crores and net profit of Rs. 71.09 crores last year.

Mahindra & Mahindra owns 57 per cent in MBT.

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