Soota launches new IT services venture
05 Apr 2011
Soon after making what is being seen as an abrupt exit from MindTree, Ashok Soota who was co-founder and ex-executive chairman of technology of the company, has announced the launch of Happiest Minds Technologies.
"The new IT services firm will have six areas of business including IT services, research and development, software product engineering, remote infra, testing and consulting," Soota, who would be the chairman and managing director of this new enterprise said.
According to Soota, the venture was adequately funded for now but he could consider VC funding or partial stake dilution over the next three months.
On his intentions to vis-à-vis MindTree in the IT space, Soota clarified that he had not signed any non-compete and non-poaching clause with them.
Soota said the company would start operations in five months.
Soota was executive chairman of MindTree upto 31March and held an 11.1 per cent stake in it. He was a co-founder the company along with eight others.
Two weeks back he had clarified that he had no immediate plans for divesting his stake in the company, however, he said in due course of time he would divest his stake in a manner that would not jeopardise MindTree.