Mahindra Satyam buys 51% stake in Brazil's Complex IT

Software services

"Our portion in revenue is 5 per cent of this. We want to double it and it will take 5-6 years to achieve the target if the company grows at 30 per cent, which is our target. This joint venture, therefore, will help us grow faster," Complex Chairman and CEO Antonio Rossi said.

"The relationship with Mahindra Satyam will mean enhanced career opportunities for our team, and increased quality of services to our customers and partners," Rossi added.

Complex IT had a turnover of USD 50 million last year with 500 employees.

"This combination of Complex and Mahindra Satyam strengthens our commitment to the Brazilian market, which is one of the fastest growing enterprise solutions markets.

"We look forward to expanding our market presence and offer global delivery capabilities to our customers," Mahindra Satyam Global Head for Latin America & Strategic Accounts Arvind Malhotra said.

As Brazil gears up to host 2014 Fifa World Cup and the Olympics in 2016, it would only provide an increased impetus to an already rapidly growing IT services market, Malhotra said.

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