Global IT and R&D services company MindTree Ltd has agreed to acquire 32.57 per cent in Aztecsoft Ltd at Rs80 per share from its largest shareholder, valuing the company at around $90 million.

MindTree will also make an open offer to Aztecsoft's shareholders to purchase up to an additional 20 per cent equity ownership interest, the company said in a release published on its website.

Aztecsoft, a 2,100 plus-strong software engineering services company, is a leader in the outsourced product development (OPD) and testing markets. It provides product engineering, independent testing, sustenance engineering and professional services to application and infrastructure software vendors, as well as to new media and internet-based companies.

''This marks a momentous occasion for us all. Aztecsoft is truly aligned with MindTree's values, culture and high standards of corporate governance. We believe this step will be beneficial for customers, people and shareholders of both the organisations,'' said MindTree chairman and managing director Ashok Soota.

OPD products include embedded, platform/infrastructure, middleware, application, and SaaS/cloud-computing software segments.

MindTree is well recognised in the hardware engineering, system platform and embedded software segments of the OPD market. With the addition of Aztecsoft, MindTree will offer customers a complete end-to-end OPD product stack encompassing embedded, platform / infrastructure, middleware, application, and SaaS/cloud-computing software segments.

''Aztecsoft will complement MindTree's expertise in both IT and R&D services. For our IT services customers, Aztecsoft's software product knowledge will give us a unique edge in architecting, integrating, deploying and managing the right solutions,'' said MindTree CEO Krishnakumar Natarajan. ''Aztecsoft's expertise in OPD and testing markets, coupled with our R&D services business, makes us a leader serving top global technology companies,'' he added.

Aztecsoft is a leader in the OPD and testing spaces. ''With MindTree, we will further extend this leadership, and be able to offer our customers newer services and solutions. Together, we will be positioned to become the best roduct engineering and independent testing services company in Aztecsoft CEO Samir Bodas said, ''We are delighted about the merger with MindTree, and are very excited about the road ahead. India,'' he added.

US-based MindTree is a global IT and R&D services company with domain expertise in business-enabling solutions. MindTree's IT services business provides a range of services to CIOs across a variety of industry segments.

MindTree was named among the Top 30 offshore service providers by the International Association of Outsourcing Professionals and Fortune Magazine.

The merger is expected to be completed by early part of 2009-2010. The deal is also subject to customary regulatory filings, clearances and approvals, MindTree said.