Discoverture Solutions: Mindtree slows and acquires

The malaise affecting growth in the India-based IT/BP services industry is hitting companies large and small. Mid-tier, Bangalore-based Mindtree is the next in line, reporting all but flat revenues in Q3 (to 31st Dec. '14) at $148m, as for Q2, though 16% higher on a yoy basis. There was a better story on operating margins, which, at 17.6%, were 50bps higher qoq and 70bps higher yoy.Mindtree has also made a small acquisition, that of Arizona-based insurance and healthcare industry software and services firm, Discoverture, for $15m cash. Discoverture has some 300 employees and offices in the UK, Canada and in India where most of its staff are located.