Tech Mahindra is an Indian multinational information technology services and consulting company. It was formed in 1986 as a joint venture between BT Group and Mahindra & Mahindra. Part of the Mahindra Group, the company is headquartered in Pune and has its registered office in Mumbai.[5]
 | |
| Company type | Public |
|---|---|
| |
| ISIN | INE669C01036 |
| Industry | Information technology Consulting Outsourcing |
| Founded | 24 October 1986 |
| Founder | Anand Mahindra |
| Headquarters | Pune, Maharashtra, India |
Area served | Worldwide |
Key people |
|
| Revenue |  ₹52,912 crore (US$6.1 billion) (2024) |
| ₹3,224 crore (US$370 million) (2024) | |
| ₹2,396 crore (US$280 million) (2024) | |
| Total assets | ₹43,423 crore (US$5.0 billion) (2024) |
| Total equity | ₹27,146 crore (US$3.1 billion) (2024) |
Number of employees | 138,510 (March 2024)[2] |
| Parent | Mahindra Group |
| Website | www |
| Footnotes / references Financials as of 31 March 2024[update].[3][4] | |
History
In 1986, Mahindra & Mahindra started a 60:40 joint venture technology services outsourcing firm with British Telecom named Mahindra British Telecom (MBT). In 2000, British Telecom committed business of at least £105 million over three years; as a consideration, British Telecom's stake in MBT increased to 43%.[6] MBT primarily served the telecommunications industry in its early years, with British Telecom as its largest client.[7]
In 2006, MBT was renamed as Tech Mahindra,[8] and it became a public company via an initial public offering.[9] In December 2010, British Telecom sold 5.5% of its stake in Tech Mahindra to Mahindra & Mahindra for ₹451 crore.[10] In August 2012, British Telecom sold 14.1% of its stake to institutional investors for about ₹1,395 crore. In December 2012, British Telecom sold its remaining 9.1% stake to institutional investors for ₹1,011.4 crore. This sale marked the exit of British Telecom from Tech Mahindra.[11]
Acquisition and merger of Satyam
After the Satyam scandal of 2008–09, Tech Mahindra emerged as the top bidder for a 31% stake in Satyam Computer Services, beating a bid from Larsen & Toubro.[12] After evaluating the bids, the government-appointed board of Satyam Computer announced on April 13, 2009 that it had selected Venturbay Consultants Private Limited, a subsidiary of Tech Mahindra, as the highest bidder to acquire a controlling stake in the company.[13] After the completion of the acquisition, Satyam Computer Services was renamed Mahindra Satyam in June 2009.[14]
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Tech Mahindra announced its merger with Mahindra Satyam on 21 March 2012, after getting approval of the two company boards.[15][16] The new organization would be led by Anand Mahindra as Chairman, Vineet Nayyar as Vice Chairman, and C. P. Gurnani as the CEO and Managing Director.[17][18][19] On 25 June 2013, Tech Mahindra announced the completion of its merger with Mahindra Satyam to create India's fifth largest software services company with a turnover of $2.7 billion.[20][21] Mahindra Satyam was suspended from trading with effect from 4 July 2013, following the merger.[22] After the completion of share swap,[23] the stock exchanges approved the trading of new shares from 12 July 2013.[24][25]
Later years
In 2014, Tech Mahindra acquired Lightbridge Communications Corporation (LCC), a telecom services company. In 2015, Tech Mahindra acquired SOFGEN Holdings, a Swiss IT firm in the financial services industry.[26] Tech Mahindra purchased a controlling stake in Pininfarina S.p.A., an Italian automotive and industrial design company.[27] Tech Mahindra announced the launch of its Automation Framework AQT (Automation, Quality, Time).[28] By March 2016, Tech Mahindra's post-tax earnings had surpassed that of M&M.[29]
In September 2019, Tech Mahindra acquired BORN Group, a New York City–based digital content and production agency, for $95 million in an all-cash deal.[30] The company was ranked #5 in India's IT firms and overall No. 47 on Fortune India 500 list for 2019.[31]
In March 2021, Tech Mahindra partnered with US-based business intelligence analytics company ThoughtSpot.[32]
In October 2022 Tech Mahindra acquired 26% equity shares in Upendra Singh Multi Transmission Private Limited, allowing the company to procure 1.5 MW of solar energy for its facilities in Noida.[33]
In 2023, Tech Mahindra and FIDE organized the Global Chess League, an over-the-board rapid chess league.[34][35]
Acquisitions
| Year | Company | Country | Industry | Acquisition cost |
|---|---|---|---|---|
| 2005 | Axes Technologies[36] | United States | Telecom engineering | $54 million |
| 2007 | iPolicy Networks[37] | United States | Network security | Undisclosed |
| 2009-13 | Satyam Computer Services[38] | India | IT services | $1.75 billion |
| 2012 | Hutchinson Global Services[39] | United States | Business process outsourcing | $87 million |
| 2012 | Comviva[40] | India | Telecom VAS | $48 million |
| 2014 | Lightbridge Communications Corporation (LCC)[41] | United States | Telecom network services | $240 million |
| 2015 | SOFGEN Holdings[42] | Switzerland | Banking technology consulting | Undisclosed |
| 2015 | Pininfarina[43] | Italy | Automotive design engineering | €168 million |
| 2016 | Target Group[44] | United Kingdom | Business process outsourcing | £120 million |
| 2016 | The Bio Agency[citation needed] | United Kingdom | Digital consulting | £45 million |
| 2017 | HCI Group (CJS Solutions Group)[45] | United States | Healthcare technology | $89.5 million |
| 2019 | DynaCommerce[46] | Netherlands | Telecom software services | €15 million |
| 2019 | Mad*Pow[47] | United States | Design consultancy | $17 million |
| 2019 | BORN Group | United States | Content agency | $90 million |
| 2020 | Zen3 Infosolutions[48] | United States | Enterprise software | $64 million |
| 2021 | DigitalOnUs[49] | United States | Cloud and DevOps services | $120 million |
| 2021 | Eventus Solutions Group[50] | United States | CX consulting | $44 million |
| 2021 | Brainscale[51] | United States | Cloud consulting | $28.8 million |
| 2021 | Lodestone (Infostar)[52] | United States | Product engineering | $105 million |
| 2021 | Activus Connect[53] | United States | CX technology | $62 million |
| 2021 | Allyis Group[54] | United States | IT consulting | $125 million |
| 2022 | Com Tec Co (CTC)[55] | Cyprus | IT consulting | €310 million |
| 2022 | Thirdware[56] | India | Enterprise software | $42 million |
Locations
Tech Mahindra has offices in around 50 countries.[57]
See also
References
External links
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