MindTree Limited (BSE:532819) signed a definitive agreement to acquire Magnet 360, LLC from Salesforce Ventures, Inc. and others for $50 million in cash on January 18, 2016. The consideration includes a cash payment of $37 million and a earn-out payment of $13 million over two years. Magnet 360 reported revenues of about $25 million.

The transaction is subject to customary closing conditions. Chris Carlisle of Gray Plant Mooty Inc. acted as legal advisor for Magnet 360. KPMG acted as a due diligence provider to Mindtree in this transaction.