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Mindtree

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Mindtree Limited was an Indian multinational information technology services and consulting company, headquartered in Bangalore. Mindtree was acquired by Larsen & Toubro in 2019, before being merged with L&T Infotech (LTI) in 2022 to form LTIMindtree.[6][7][8]

Mindtree
Company typePublic
ISININE018I01017
IndustryInformation technology
Consulting
Outsourcing
Founded18 August 1999; 25 years ago (1999-08-18)
FounderAshok Soota
Subroto Bagchi
Krishnakumar Natarajan
Parthasarathy NS
Scott Staples
Anjan Lahiri
Kalyankumar Banerjee
Janakiraman
Kamran Ozair
Rostow Ravanan
Defunct2022
FateMerged with Larsen & Toubro Infotech (LTI)
SuccessorLTIMindtree
HeadquartersGlobal Village Tech Park,
Bangalore, Karnataka
,
India
Area served
Worldwide
Key people
RevenueIncrease ₹10,520 crore (US$1.3 billion)[3] (2022)
Increase ₹1,953.5 crore (US$230 million)[3] (2022)
Increase ₹1,652.9 crore (US$200 million)[3] (2022)
Total assetsIncrease ₹5,156.60 crore (US$620 million)[4] (2020)
Total equityDecrease ₹3,156.80 crore (US$380 million)[4] (2020)
Number of employees
38,518 (July 2022)
ParentLarsen & Toubro (61.08%)[5]
Websitewww.mindtree.com

The company had business interests in e-commerce, mobile applications, cloud computing, digital transformation, data analytics, testing, enterprise application integration, and enterprise resource planning. Mindtree had more than 307 active clients and 43 offices in over 18 countries, as of 31 March 2019.[8][9]

History

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In August 1999, Mindtree Consulting Private Limited was founded by ten IT professionals, three of which invested through an entity incorporated in Mauritius.[10] It was funded by the venture capital firms Walden International and Sivan Securities and received further funding in 2001 from the Capital Group and Franklin Templeton.[11]

It became a public company on 12 December 2006, and was listed on the Bombay Stock Exchange and National Stock Exchange. Its IPO debuted on 9 February 2007, and closed on 14 February 2007.[12] The IPO was oversubscribed by more than a hundred times.[13] Mindtree announced a new brand identity and logo, with the slogan "Welcome to possible" on 28 September 2012.[14]

In 2012, Mindtree set up its first U.S. delivery center (USDC) in Gainesville, Florida, under the leadership of Scott Staples, co-founder and Global Head of Sales.[15] As of 2017, the company has 43 offices in over 17 countries.[16]

Larsen & Toubro (L&T), an infrastructure major and one of the largest conglomerates in India, took over control of Mindtree in June 2019 and currently has a 61.08% stake in the company.[17][18][5] L&T's takeover of Mindtree was described at the time as the first hostile takeover in the Indian IT industry.[19][20]

In March 2020, Mindtree announced the appointment of Dayapatra Nevatia as COO with immediate effect. He joins the company from Accenture where he was the managing director as well as the director for delivery for advanced technology centers in India.[21]

In May 2022, L&T announced that Mindtree will be merged into Larsen & Toubro Infotech (LTI).[22] The merger was completed in November 2022 and the combined entity was named LTIMindtree.[23][24]

Services

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A building at Mindtree's Global City Tech Park campus in Bangalore
 
Mindtree building at Mahindra World City, New Chennai

Mindtree works in Application Development and Maintenance, Data Analytics, Digital Services, Enterprise Application Integration and Business Process Management, Engineering R&D, Enterprise Application Services, Testing, and Infrastructure Management Services.[25]

Mindtree's business is focused clients on Banking, Capital Markets, Consumer Devices & Electronics, Consumer Packed Goods, Independent Software Vendors, Manufacturing, Insurance, Media & Entertainment, Retail, Semiconductors and the Travel and Hospitality industry.[26]

Mindtree's workforce includes thousands of employees who serve as Microsoft Azure outsourced support agents.[27]

Employees

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Mindtree has a total of 35,071 employees as of fiscal year 2022.[28] Its workforce consists of employees from over 80 nationalities working from various offices around the globe. Out of its total workforce, 95% are software professionals and remaining 5% work in support and sales.[29]

Acquisitions

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Name Acquisition date Activities Country of HQ Price Employees
(at acquisition) 		Reference
ASAP Solutions 2004 SAP & ERP India & United States NA 120 [30]
Linc Software Services Pvt Ltd 2005 Application development and Maintenance domains for Mid-Range Systems India $7 million 220 [31]
CoSystems 2005 Telecom (Captive Development Center – Indian division) United States ₹ 10 million 20 [32]
TES-Purple Vision 2007 Electronics(IC Design). Indian Division. Subsidiary of TES Electronic Solutions SA. France $6.55 million 150 [33][34]
Aztecsoft 2008 Product engineering and Testing services company. Aztecsoft had previously acquired Disha Technologies, a testing company, in 2004. India ₹ 40 million 2200 [35][36]
Kyocera Wireless India Pvt Ltd 2009 Wireless services. Indian R&D Division Japan $6 million 600 [37][38]
7Strata 2010 Remote infrastructure management services India ₹ 7.2 million 90 [39][40]
Discoverture Solutions LLC Jan 2015 Property and Casualty Insurance United States $15 million 300 [41]
Bluefin Solutions Limited July 2015 IT solutions, SAP HANA solutions United Kingdom £42.3 million [42]
Relational Solutions Inc July 2015 IT solutions –CPG United States $10 million [42]
Magnet 360 Jan 2016 Salesforce consulting USA $50 million 100 [43]

Subsidiaries

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Name Location
Mindtree Software (Shanghai) Co. Ltd[44] China
Bluefin Solutions Limited United Kingdom
Bluefin Solutions Inc. United States
Bluefin Solutions Sdn Bhd Malaysia
Bluefin Solutions Pte Ltd Singapore

Philanthropy

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Mindtree Foundation is a unit of Mindtree that works towards improving the lives of people with disabilities and the enhancement in the quality of primary education.[45] Mindtree Foundation was incorporated on 20 November 2007, under section 25 of Companies Act. Mindtree's employees, assistive technologies and associations with NGOs led to the following:[46]

  • The launch of 'Udaan', a scholarship program to support the medical education of underprivileged students in association with Narayana Hrudayalaya Charitable Trust.[47]
  • The launch of 'I Got Garbage', a cloud-based platform aimed to simplify waste management and transform every waste picker in Bengaluru, India, into an entrepreneur through a structured and governed waste management framework.[48]
  • Individual Social Responsibility – Employees join the cause of donation of old clothes/toys/books, distribution of solar lanterns, caring for the elderly, cleaning up the city, blood and organ donation.[49]

See also

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References

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  1. ^ "Mindtree Leadership". The Times of India. 18 January 2016. Archived from the original on 19 January 2016. Retrieved 18 January 2016.
  2. ^ "mindtree-appoints-cognizant-s-debashis-chatterjee-as-new-ceo". livemint. Archived from the original on 5 August 2019. Retrieved 5 August 2019.
  3. ^ a b c Com, Moneycontrol. "Mindtree Profit & Loss account, Mindtree Financial Statement & Accounts". www.moneycontrol.com. Retrieved 25 June 2020.
  4. ^ a b Com, Moneycontrol. "Mindtree Consolidated Balance Sheet, Mindtree Financial Statement & Accounts". www.moneycontrol.com. Retrieved 25 June 2020.
  5. ^ a b "Mindtree >> Shareholding Pattern - Promoter and Promoter Group - September 2019". www.moneycontrol.com. Retrieved 25 June 2020.
  6. ^ "IT major Mindtree joins $1-billion club". The Hindu. 17 April 2019. Archived from the original on 17 April 2019. Retrieved 17 April 2019.
  7. ^ "Mindtree Crosses $1 Billion in Annual Revenue". Mindtree. Archived from the original on 22 April 2019. Retrieved 22 April 2019.
  8. ^ a b "Mindtree Q4 net rises 4% to ₹206 cr". Livemint. 24 April 2020. Retrieved 12 May 2020.
  9. ^ "Top 15 Best Embedded Companies In India 2023 - Inventiva". 3 March 2023. Retrieved 14 March 2023.
  10. ^ "History of Incorporation". Economic Times. Archived from the original on 1 December 2013. Retrieved 6 December 2013.
  11. ^ "Mindtree history – Funding". Archived from the original on 1 December 2013. Retrieved 6 December 2013.
  12. ^ "MindTree Consulting IPO to open on 9 Feb". The Economic Times. 6 February 2007. Archived from the original on 12 December 2013. Retrieved 6 December 2013.
  13. ^ "MindTree IPO subscribed 103 times". Business Standard India. 16 February 2007. Archived from the original on 30 November 2013. Retrieved 6 December 2013.
  14. ^ "MindTree Logo". Archived from the original on 21 May 2014. Retrieved 21 May 2014.
  15. ^ "Mindtree's first U.S. delivery center". Archived from the original on 1 December 2013. Retrieved 6 December 2013.
  16. ^ "Mindtree Fact Sheet" (PDF). Archived from the original (PDF) on 17 August 2017. Retrieved 19 June 2017.
  17. ^ "[EXPLAINED] Larsen & Toubro's hostile takeover of Mindtree". www.timesnownews.com. 11 July 2019. Archived from the original on 11 July 2019. Retrieved 5 October 2019.
  18. ^ "Latest Shareholding Pattern - MindTree Ltd". trendlyne.com. Retrieved 25 June 2020.
  19. ^ Moorthy, Swathi (2019). "This week in IT: India's first hostile takeover of Mindtree by L&T is complete". Moneycontrol. Retrieved 1 April 2022.
  20. ^ Phadnis, Shilpa; Kurian, Boby (18 March 2019). "Mindtree: L&T to make 1st-ever hostile bid in Indian IT for Mindtree | India Business News - Times of India". The Times of India. Retrieved 30 April 2022.
  21. ^ Hutter, David (2 March 2020). "Technology services company Mindtree appoints chief operating officer". NJBIZ. Retrieved 3 March 2020.
  22. ^ Vashisht, Nikita (26 April 2022). "Explained: Why M&As are rising in India & how can investors benefit?". Business Standard India. Retrieved 30 April 2022.
  23. ^ Baruah, Ayushman (15 July 2022). "'Mindtree-LTI synergies are already producing results'". mint. Retrieved 28 October 2022.
  24. ^ "Top 100 stocks by Market Capitalization | BSE Listed stocks Market Capitalization". www.bseindia.com. Retrieved 19 December 2022.
  25. ^ "Mindtree's Services". Archived from the original on 22 May 2014. Retrieved 22 May 2014.
  26. ^ "Mindtree's client focus". Archived from the original on 30 November 2013. Retrieved 6 December 2013.
  27. ^ "Mindtree: Microsoft".
  28. ^ Sun, Shangliao (6 January 2023). "Statista - Mindtree Ltd". Statista.
  29. ^ "Investors | Mindtree". www.mindtree.com. Retrieved 12 May 2020.
  30. ^ "Mindtree acquires ASAP Solutions". Archived from the original on 4 September 2014. Retrieved 4 September 2014.
  31. ^ "Mindtree acquires Linc Software Services Pvt Ltd". The Hindu Business Line. 6 May 2005. Archived from the original on 16 January 2016. Retrieved 4 September 2014.
  32. ^ Badrinath, Raghuvir (3 March 2005). "Mindtree acquires Indian Division of CoSystems". Business Standard India. Archived from the original on 4 September 2014. Retrieved 4 September 2014.
  33. ^ "Mindtree acquires TES-Purple Vision". Archived from the original on 4 September 2014. Retrieved 4 September 2014.
  34. ^ "Mindtree acquires TES-Purple Vision". Archived from the original on 1 December 2013. Retrieved 6 December 2013.
  35. ^ "Mindtree acquires Aztecsoft". Archived from the original on 4 December 2013. Retrieved 6 December 2013.
  36. ^ d'Monte, Leslie (2 May 2008). "Mindtree acquires Aztecsoft". Business Standard India. Archived from the original on 4 September 2014. Retrieved 4 September 2014.
  37. ^ "Mindtree acquires Kyocera Wireless India Pvt Ltd". Archived from the original on 1 December 2013. Retrieved 6 December 2013.
  38. ^ "Mindtree acquires Kyocera Wireless India Pvt Ltd". dna. 17 March 2011. Archived from the original on 4 September 2014. Retrieved 4 September 2014.
  39. ^ "Mindtree acquires 7Strata". mint. 22 April 2010. Archived from the original on 11 December 2013. Retrieved 6 December 2013.
  40. ^ "Mindtree acquires 7Strata". Archived from the original on 4 September 2014. Retrieved 4 September 2014.
  41. ^ "Mindtree acquires Discoverture Solutions". The Economic Times. Archived from the original on 2 July 2017. Retrieved 19 January 2015.
  42. ^ a b Chandran, Pradeesh (16 July 2015). "Mindtree acquires UK, US based firms for Rs. 482 crore". The Hindu. ISSN 0971-751X. Archived from the original on 16 January 2016. Retrieved 16 July 2015.
  43. ^ "Mindtree to buy Magnet 360 for $50 mn- Business News". www.businesstoday.in. Archived from the original on 19 January 2016. Retrieved 18 January 2016.
  44. ^ "Mindtree Foundation". Archived from the original on 30 November 2013. Retrieved 22 May 2014. [verification needed]
  45. ^ "Mindtree Foundation". Archived from the original on 30 November 2013. Retrieved 6 December 2013.
  46. ^ "Mindtree Foundation contribution". Archived from the original on 30 November 2013. Retrieved 6 December 2013.
  47. ^ "Udaan".
  48. ^ Market, Capital (17 June 2014). "I Got Garbage". Business Standard India. Archived from the original on 4 July 2015. Retrieved 24 November 2014.
  49. ^ "Mindtree ISR". The Times of India. 6 September 2014. Archived from the original on 2 February 2015. Retrieved 9 September 2014.
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