Bangalore-based software firm, MindTree Consulting Ltd is all set to acquire the mid-tier outsourcing product development (OPD) and testing player, Aztecsoft, for around Rs 400 Crore.

MindTree Consulting will buy 34 percent stake in Aztecsoft held by private equity companies e4e and Canaan Partners, and then make an open offer under the Takeover Code.

The non-institutional public shareholding is 46.27 per cent, while institutional public shareholding is around 17.5 per cent. The promoters hold 36.21 per cent.

Aztecsoft has over 2,200 employees and caters to the North American, European, Indian and Australian markets. It has four delivery centres in India.

For the fourth quarter ended March 31, 2008, Aztecsoft has posted revenues of Rs 68.71 crores and a net profit of Rs 3.15 crores on consolidated basis.

The deal is expected to be concluded in a couple of days.