Indian IT giant, Mahindra Satyam has acquired a 51 per cent stake in Brazil's Complex IT that provides SAP consulting services in the South American nation.

Mahindra Satyam has paid $6.5 million as an upfront payment for the stake. The company will pay up to $23 million after a period of 18 months on achievement of some milestones, according to Arvind Malhotra, who is the Global Head for Latin America & Strategic Accounts at Mahindra Satyam.

"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," Mr.  Malhotra said.

Mahindra Satyam will also have an option to acquire the remaining 49 per cent stake in the Brazilian company, which generates about $45 million in revenues and employs 500 personnel. Following the acquisition, the company will focus on developing solutions for the enterprise solutions market within Brazil and will sell proprietary solutions for manufacturing, financial and consumer services companies.

Antonio Rossi, Chairman & CEO, Complex IT, said that partnership will allow the company to offer higher quality of services to its customers and partners and enhance career opportunities to for tis staff members.