The deal, expected to close in the next two months, will see about 150 people joining Mindtree.

"Magnet 360 brings strong expertise across Salesforce Sales, Service and Marketing Cloud implementations. Combined with our Salesforce practice, this acquisition positions us for leadership in the fast-growing cloud-based services market," Mindtree CEO and Managing Director Krishnakumar Natarajan said in a conference call.

He added that the consideration includes an upfront payment of USD 37 million and earn out and additional payout of up to USD 13 million over the next two years.

Headquartered in Minneapolis, Magnet 360 has offices in New York, Los Angeles and Chicago. Its revenues were about USD 25 million and its business is growing at about 20-25 percent.

Salesforce Ventures has invested in Magnet 360 along with StarTec Investments and Gage Group.

Mindtree has been aggressively acquiring companies to expand its services.

Latest News  from Business News Desk