(By Anthony Miller – Tuesday, 28th April 2009 9:00am). Somewhat overshadowed by Tech Mahindra’s results (see below), much smaller Bangalore-based SI, Mindtree, also reported its Q4 and FY results (to 31st March 2009) yesterday. Likes most peers, Mindtree saw Q4 revenues fall in dollar terms, by 9% sequentially to $68m, though this was 28% higher yoy. FY revenues soared 46% to $269m helped by the May ’08 acquisition of outsourced software product development firm AztecSoft, also based in Bangalore (see MindTree aims to make a mark in the UK).While forecasting a $290-300m revenue year, executive chairman Ashok Soota reaffirmed his aim to put Mindtree “on a path to become a $1 billion organisation” though he didn’t say by when. This is clearly not going to happen organically and now would be rather a good time for Mindtree to mop a few more mid-tier players to push them further along that path.
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