Mindtree chasing 7 deals worth at least $25 million each: CFO

BANGALORE: Information technology services company Mindtree is chasing outsourcing contracts worth at least $175 million in the financial services and manufacturing sectors in the United States, according to a senior executive at the Bangalore based firm.

Mindtree, which provides IT and product engineering services to clients primarily in the US and Europe, expects corporations to make decisions on these deals within the next 3-4 months, its chief financial officer Rostov Ravanan told ET. To be sure, others are also in the race for the same deals – 7 technology outsourcing contracts worth at least $25million each – that Mindtree hopes to win.

According analysts tracking the IT sector, mid-sized firms such as Mindtree manage to win 30-40% of the deals that they bid for.

Last week, brokerage firm Prabhudas Lilladher had said that Mindtree was chasing 2 to 3 large deals of over $ 25 million. The brokerage report also said that firm was shortlisted in some large deals earlier but failed to make the final cut.

The company, with revenues of $403million in last fiscal, witnessed several internal makeovers after its Chairman Ashok Soota quit early last year. It expects revenue to grow at 11%-14% range in the current fiscal, on par with Nasscom forecasts.