The Hindu Business Line : Safeguard Scientifics acquires Mensamind

SAFEGUARD Scientifics, a NYSE-listed technology services company, has acquired Mensamind, a privately owned software development and consulting services firm with development and support operations based in Hyderabad.

The acquisition was made through Safeguard subsidiary, Alliance Holdings. However, the terms of the transactions were not disclosed.

Mensamind, a Chicago-based consultancy and IT services company, was carved out of acquisition of the Indian operations of Devine Inc.

It specialises in the global delivery of software development and related support services and handles outsourced engagements for US-based companies.

Mr Anthony L. Craig, President and CEO of Safeguard Scientifics, said: "Alliance Consulting wanted to develop more flexibility to deliver software solutions and services the way its clients want, whether on-site, off site, offshore or hybrid. We helped Alliance execute on that vision by providing them with dedicated resources to find and assess various opportunities in India, and then to evaluate, negotiate and close the Mensamind deal. We also assisted them in financing the acquisition."

This is the second Safeguard company to establish a software development capacity in India. Mantas also has a software development and IT support operation.

Indian representatives were not available for comment.

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