September 4, 2002 — Somerset, N.J.

Aberdeen Group Recognizes MindTree Consulting for IT Services 'Best Practices'
Mid-tier market now benefits from software products developed offshore

Aberdeen Group, a leading market analysis firm, today recognized MindTree Consulting Pvt. Ltd. among 15 information-technology services firms that exemplify “best practices” in offshore software development.

MindTree, an international IT consulting firm that delivers affordable business and technology solutions through global software development, gained industry attention for its contribution to iSpheres Corp. The mid-tier company, based in Oakland, Calif., develops software that allows businesses to detect and respond instantly to changing business conditions. The relationship between MindTree and iSpheres illustrates that smaller companies can reap the benefits of global resources just like the larger enterprises.

The Aberdeen report also honors MindTree for advancing the scope of offshore development to include high-end product development. MindTree is co-headquartered in Somerset, N.J. and Bangalore, India.

“MindTree’s business model represents a new stage in the evolution of the global software services industry, one in which project activities are located to achieve a balance between the need for client collaboration, appropriate skills and delivery costs,” says Stephen Lane, research director, IT services for Aberdeen Group, and author of the report.

“We’re delighted to be recognized by the Aberdeen Group for our experience in one-shore product development,” says Anjan Lahiri, senior vice president of MindTree’s high technology practice. “MindTree has combined professionals with product development expertise with flexible processes and attractive pricing to extend the benefits of offshore IT-services beyond the Fortune 500.”

Regarding iSpheres, the company in late 2000, facing a skill shortage in the San Francisco Bay Area, was forced to look beyond internal resources to extend its technology-development capabilities. The company looked offshore, seeking a technology partner in India. Its stated goal was to acquire talent, not strictly to reap the cost-and-time savings traditionally associated with offshore IT services. Finding that most offshore vendors in India focused mainly on application coding and maintenance, iSpheres selected MindTree Consulting, which possessed offshore capabilities in technology design and business consulting.

“We looked at many companies in India, but none had the application architecture and development expertise we needed,” says Santosh Alexander, chief executive officer of iSpheres. “With MindTree, we get both high-end technology and critical project-management skills at an affordable rate. MindTree is proving that the global-development model can be taken to the next level.”

iSpheres engaged MindTree to develop a new decision-management product, which it is now selling to commodity-trading, supply-chain and corporate finance managers. To build iSpheres' product, MindTree forged a global team of technology and business professionals who together engineered a software application from the initial design stage through completion. The product was developed jointly and concurrently by 15 MindTree professionals from India and four from the U.S. who worked hand-in-hand with iSpheres’ IT team.

Through MindTree's one-shore model - which unites offshore and on-shore work in the same project - iSpheres pared its development time by 50 percent and achieved cost savings of 66 percent, based on in-house versus offshore resources. Since then, MindTree the relationship has extended, with MindTree now performing systems-integration projects installing iSpheres’ software products.

About MindTree
MindTree Consulting is an international IT consulting company that delivers affordable business and technology 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 develops applications to help companies enhance their enterprise operations. The company also delivers product development services and designs re-usable building blocks for high-tech companies. MindTree was selected as one of Computerworld magazine’s Best Places to Work in IT for 2002. Please visit www.mindtree.com for more information.

About Aberdeen Group
Since 1988, Aberdeen Group has been a leader in providing market analysis and positioning services that help business technology suppliers meet the challenge of establishing leadership in fast-changing markets. Aberdeen is headquartered in Boston and has research centers in Palo Alto, Fort Collins, Colo., and Amsterdam. Aberdeen’s consultants provide up-to-the-minute global IT market insights in more than 25 IT market segments. Research practices focus on emerging market opportunities, market growth rates, important industry trends, and customer buying patterns. Aberdeen’s technology expertise includes Enterprise Business Applications, Carrier and Enterprise Communications, Network Services, and Platforms.