Mindtree appoints Rostow Ravanan to lead new initiatives

Mindtree has announced a slew of top management changes, including the appointment of Rostow Ravanan as the new CEO and Krishnakumar Natarajan as the executive of the Bangalore-based company.

"Rostow Ravanan has been named as the new CEO" said Natarajan, adding that these moves come at the end of a year-long succession planning process.

"I will be responsible for medium and long-term goals and building the foundation, while Rostow will handle Mindtree on a daily and near-term timeline," he said.

In addition to this, Mindtree also announced its recent purchase of the US-based Magnet360 for USD 50 million, which includes an upfront payment of USD 37 million and earn outs, and additional payments of USD 13 million over the next two years.

Magnet360 is a platinum partner with software-as-service company Sales force. It was founded in 2008 and focuses on the media, manufacturing and financial services space.

In addition to the management change and acquisition, Mindtree also announced its third-quarter results. Revenue for the three months, which ended on December 31 last year, rose 2.3 percent sequentially to USD 184.4 million. However, profit after tax fell 5.9 percent sequentially to USD 22.8 million.