August 09, 2001 — Somerset, N.J. and Bangalore, India

MindTree Consulting Secures $14.1 Million in Second-Round Funding
International IT Services Company Leads Shift Toward Global Software Development.

MindTree Consulting Pvt. Ltd. announced it has secured $14.1 million in second-round funding led by The Capital Group, Los Angeles, reflecting heightened global demand for affordable information-technology consulting and software services.

MindTree, which projects annual revenues of $231 million by 2005, builds affordable business solutions for customers through global software development. The company plans to use the funds to continue building its worldwide infrastructure and market presence in the United States, Europe and Asia.

“What differentiates MindTree are the strength of our global management team and the strong bonds we build between our employees and customers,” said Ashok Soota, chairman and chief executive officer, MindTree Consulting. “In just two years, we have delivered 75 customer engagements globally. In the last six weeks, we have won major contracts every week.”

In 1999, MindTree’s launch created a stir in India when a seasoned, widely recognized global management team from Wipro Technologies, Cambridge Technology Partners, Lucent Technologies and KPMG founded the company simultaneously in the U.S. and India. Among the 10 co-founders, Soota, Subroto Bagchi, Krishna Kumar and S. Janakiraman are acknowledged for transforming India-based Wipro into one of the world’sforemost software-services companies.

“This second round of funding will allow us to continue our global expansion and to strengthen our thought-leadership position-particularly in the area of concurrent software development,” said Bagchi, MindTree’s vice chairman and president of the Americas.

In 1999, MindTree secured $9.5 million in first-round venture capital from U.S.-based Walden International and India-based Global Technology Ventures. In its first full fiscal year ended March 31, the company reported revenues of $15 million and projects to grow ahead of the industry average over the next few years. MindTree employment has grown to 450 employees.

“As a truly global company, MindTree is dedicated to building a strong culture of empathy so our customers can benefit from the speed, quality and affordability achieved through our global delivery model,” added Krishna Kumar, MindTree’s vice chairman and president of Europe and Asia.

About The Capital Group
The Capital Group Companies form one of the world’s most experienced investment-management organizations with roots dating back to 1931. Capital currently manages over $500 billion in assets and has an unparalleled global research effort that has been involved in international investing since the 1950s. The Capital Group is the leading manager of emerging markets-assets globally.

About MindTree
MindTree Consulting is an international IT consulting company that delivers affordable business solutions through global software development. Co-headquartered in Somerset, NJ and Bangalore, India, the company approaches technology initiatives in a business context, with the industry knowledge of a seasoned management team and employees exceptionally skilled in technology, business analysis and project management. MindTree Consulting is structured into two business units that focus on software development: a technology business creating embedded software for next generation network equipment; and an enterprise business designing applications to help companies succeed using information technology.