Mumbai, Nov. 16: Mahindra-British Telecom (MBT) will acquire Texas-based Axes Technologies for a total consideration of $54 million. This maiden acquisition of MBT is expected to complement its presence and capabilities in the telecom service provider space.

Axes provides technology solutions to leading telecom equipment manufacturers in research and development, product engineering and life cycle support. The company was set up in 1990 and its key clients are in the US.

Axes currently employs approximately 850 people and has development centres in Bangalore and Chennai. As part of the acquisition, MBT will integrate all Axes facilities, clients and employees. According to a statement from MBT, the senior management of Axes will continue its association with the company and will play key role in the combined entity.

“The capabilities of Axes will bridge a gap in MBT's service offerings to telecom equipment manufacturers and will be a key growth driver for the organisation. The acquisition increases MBT's offerings in product engineering, enhances capabilities to provide solutions to telecom service providers and also strengthens its delivery capabilities,” the company said.

According to MBT chairman Anand Mahindra, the acquisition will help the company consolidate its position as a leading services provider in the telecom sector.

MBT managing director and CEO Vineet Nayyar said the acquisition would enable the company to enhance its offerings to leading telecom equipment manufacturers, which is a major segment of its chosen market.