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Mahindra-BT Picks Up Axes

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BANGALORE, India -- Mahindra-British Telecom, a leading provider of solutions to the global telecommunications industry, announced today that it has entered into a definitive agreement to acquire Texas based Axes Technologies for a total consideration of USD 54 Million. This acquisition would be complementary to MBT's strong presence and capabilities in the Telecom Service Provider space.

Axes provides technology solutions to leading Telecom Equipment Manufacturers (TEM) in the areas of Research & Development (R&D), Product Engineering and Life Cycle Support. Axes has significant Telecom product and protocol expertise; has deep rooted client relationships and provides businesscritical services through their engagements. Axes Technologies currently employs approximately 850 people and has development centers in Bangalore and Chennai. As part of the acquisition MBT will integrate all Axes facilities, clients and employees.The senior management of Axes will continue their association with the Company and will play key roles in the combined entity.

Axes capabilities would bridge a gap in MBT's service offerings to the TEM segment of theTelecom market and would be a key growth driver for the organization going forward. The acquisition augments MBT's offerings in product engineering, enhances capabilities to provide solutions to Telecom service providers and also strengthens MBT's deliverycapabilities.

Anand Mahindra, Chairman, MBT, said "The acquisition of Axes helps MBT consolidate its position as a leading services provider to the Telecom Sector. All our Group companies seek to be leaders in their respective markets. This is the first acquisition by MBT, and it will continue to pursue other growth opportunities to become the partner of choice for its global clients."

"This acquisition would enable us to enhance our offerings to leading Telecom Equipment Manufacturers, which is a major segment of our chosen market. The acquisition of Axes will bring complementary capabilities which would enable us to provide comprehensive solutions to the Telecom Sector." - Vineet Nayyar, Managing Director and CEO, MBT

Paul Pandian, Founder and President, Axes Technologies, said "The merger brings together two companies that have been focused on the telecom space. The merger of Axes with MBT would allow us to capitalize on MBT's dominant presence in the Telecom Sector, enabling us to serve our clients better and give our employees a larger platform for growth."

Mahindra British Telecom Ltd.

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