Axes, which provides technology solutions to Telecom Equipment Manufacturers in the areas of research and development, product engineering and life cycle support, employs 850 people and has development centres in Bangalore and Chennai.
Texas-based Axes was expecting a top-line of $30 million for the financial year ending March next year, said its founder and president Paul Pandian, who announced the acquisition along with MBT's managing director and CEO Vineet Nayyar in Bangalore on Wednesday.
MBT, India's eighth largest software exporter, is the joint venture of India's Mahindra and Mahindra and UK's BT Group Plc.
The company, which currently has 7,500 professionals, expects to clock revenues of $280 million for 2005-06, from $217 million in the previous year, said Nayyar, adding, the company plans to ramp up the head-count by 1,150 people to reach 10,000 within six months.
MBT's plans for an initial public offering is still on but timing hasn't been decided, he added. Company executives said Axes capabilities would bridge a gap in MBT's service offerings to the TEM segment of the telecom market and would be a key growth driver for the organisation going forward.
MBT's first acquisition augments its offerings in product engineering, enhances capabilities to provide solutions to telecom service providers and also strengthens its delivery capabilities, they said.