MindTree, IT solutions and product engineering services company, announced that the board of directors of the company have approved the acquisition of 100% of the equity interest in Relational Solutions, a US based IT solutions provider specializing in technology services to the consumer goods industry, in an all cash transaction for USD 10 million, and the definitive agreements have also been signed on July 16, 2015.

The considerations include an upfront payment of USD 7 million and earn out of USD 3 million payable over the next two years. This acquisition is subject to customary closing conditions and regulatory approvals.

Radha R, EVP and head, digital business, Mindtree said, ''CPG clients are seeking to use advanced analytics to improve ROI on trade spends, improve on-shelf availability and correct merchandising voids. With this acquisition, we see opportunities to deliver improved value using predictive analytics capabilities in these areas, and further enhance the digital transformation journey of our clients.''

Shares of the company gained Rs 1, or 0.08%, to settle at Rs 1,225.05. The total volume of shares traded was 42,879 at the BSE (Thursday).