Tech Mahindra is an Indian multinational information technology services and consulting company. Part of the Mahindra Group, the company is headquartered in Pune and has its registered office in Mumbai.[5] Tech Mahindra has over 138,000 employees with operations in more than 90 countries.[6] The company was ranked #5 in India's IT firms and overall No. 47 on Fortune India 500 list for 2019.[7] Tech Mahindra has 1,262 active clients, as of June 2022.
 | |
| 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$6.3 billion) (2024) |
| ₹3,224 crore (US$390 million) (2024) | |
| ₹2,396 crore (US$290 million) (2024) | |
| Total assets | ₹43,423 crore (US$5.2 billion) (2024) |
| Total equity | ₹27,146 crore (US$3.3 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
editIn 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%.[8] MBT primarily served the telecommunications industry in its early years, with British Telecom as its largest client.[9]
In 2006, MBT was renamed as Tech Mahindra,[10] and it became a public company via an initial public offering.[11] In December 2010, British Telecom sold 5.5% of its stake in Tech Mahindra to Mahindra & Mahindra for ₹451 crore.[12] 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.[13]
Acquisition and merger of Satyam
editAfter 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.[14] 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.[15] After the completion of the acquisition, Satyam Computer Services was renamed Mahindra Satyam in June 2009.[16]
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Tech Mahindra announced its merger with Mahindra Satyam on 21 March 2012, after getting approval of the two company boards.[17][18] 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.[19][20][21] 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.[22][23] Mahindra Satyam was suspended from trading with effect from 4 July 2013, following the merger.[24] After the completion of share swap,[25] the stock exchanges approved the trading of new shares from 12 July 2013.[26][27]
Later years
editIn 2014, Tech Mahindra acquired Lightbridge Communications Corporation (LCC), a telecom services company operating in over 50 countries. In 2015, Tech Mahindra acquired SOFGEN Holdings, a 450-employee Swiss IT firm supplying the financial services industry.[28] Tech Mahindra purchased a controlling stake in Pininfarina S.p.A., an Italian brand in automotive and industrial design.[29] Tech Mahindra announced the launch of its Automation Framework AQT (Automation, Quality, Time).[30] By March 2016, Tech Mahindra's post-tax earnings had surpassed that of M&M.[31]
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.[32]
In March 2021, Tech Mahindra partnered with US-based business intelligence analytics company ThoughtSpot.[33]
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.[34]
In 2023, Tech Mahindra and Anyverse collaborated to create autonomous technology for the automobile sector.[35]
Notable acquisitions
edit| 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[45] | United Kingdom | Digital consulting | £45 million |
| 2017 | HCI Group (CJS Solutions Group)[46] | United States | Healthcare technology | $89.5 million |
| 2019 | DynaCommerce[47] | Netherlands | Telecom software services | €15 million |
| 2019 | Mad*Pow[48] | United States | Design consultancy | $17 million |
| 2019 | BORN Group | United States | Content agency | $90 million |
| 2020 | Zen3 Infosolutions[49] | United States | Enterprise software | $64 million |
| 2021 | DigitalOnUs[50] | United States | Cloud and DevOps services | $120 million |
| 2021 | Eventus Solutions Group[51] | United States | CX consulting | $44 million |
| 2021 | Brainscale[52] | United States | Cloud consulting | $28.8 million |
| 2021 | Lodestone (Infostar)[53] | United States | Product engineering | $105 million |
| 2021 | Activus Connect[54] | United States | CX technology | $62 million |
| 2021 | Allyis Group[55] | United States | IT consulting | $125 million |
| 2022 | Com Tec Co (CTC)[56] | Cyprus | IT consulting | €310 million |
| 2022 | Thirdware[57] | India | Enterprise software | $42 million |
Locations
editTech Mahindra has offices in around 50 countries.[58]
- India: Ahmedabad, Bangalore, Bhubaneswar, Chandigarh, Chennai, Coimbatore, Gandhinagar, Gurgaon, Hyderabad, Kolkata, Mumbai, Mysore, Nagpur, Noida, Pune, Vadodara, Vijayawada, Visakhapatnam, and Warangal
- Asia Pacific: Australia, Cambodia, China, Hong Kong, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam
- Americas: Brazil, Canada, Mexico, and the United States of America
- Europe: Austria, Belgium, Bulgaria, Czech Republic, Finland, France, Germany, Hungary, Italy, Latvia, Luxembourg, Netherlands, Norway, Portugal, Romania, Slovakia, Spain, Sweden, Switzerland, and the United Kingdom
- Africa: Ethiopia, Kenya, Nigeria, and South Africa
- Middle East: Bahrain, Kuwait, Qatar, Saudi Arabia, Turkey, and the United Arab Emirates
-
Tech Mahindra campus, HITEC City, Hyderabad -
Tech Mahindra, Bahadurpally, Hyderabad -
Tech Mahindra campus, Electronic City, Bangalore -
Tech Mahindra campus, Hinjawadi, Pune -
Tech Mahindra Development Centre, Visakhapatnam
Other
editIn 2023, Tech Mahindra and FIDE organized the Global Chess League, an over-the-board rapid chess league.[59][60]
See also
edit
References
edit- ^ "Tech Mahindra appoints Mohit Joshi as MD & CEO designate".
- ^ "Tech Mahindra ends Q3 with 4,354 fewer employees". Moneycontrol. 24 January 2024.
- ^ "Integrated Annual Report 2022-23" (PDF). Tech Mahindra. Retrieved 25 April 2024.
- ^ "TechMahindra Profit and loss statement" (PDF).
- ^ "Tech Mahindra". techmahindra.com. TechMahindra. Retrieved 1 January 2018.
- ^ "Tech Mahindra Overview". www.techmahindra.com. Retrieved 25 August 2023.
- ^ "Tech Mahindra - Fortune 500 List 2019". Fortune. Archived 2 March 2022 at the Wayback Machine
- ^ "British Telecom commits Rs 7250/- million business to MBT over three years". Rediff. Retrieved 9 September 2024.
- ^ "Tech Mahindra bags $700 mn deal from British Telecom". The Economic Times. 16 May 2008. Retrieved 9 September 2024.
- ^ "MBT to be renamed Tech Mahindra". Business Standard. 14 February 2006. Retrieved 5 September 2024.
- ^ "Tech Mahindra sets IPO price band at Rs 315-Rs 365". The Economic Times. 27 July 2006. Retrieved 5 September 2024.
- ^ "BT Group to exit from Tech Mahindra, directors resign". Economic Times. 24 December 2011. Archived from the original on 5 July 2015. Retrieved 4 July 2015.
- ^ "BT exits Tech Mahindra". The Hindu. 12 December 2012. Retrieved 4 July 2015.
- ^ "Tech Mahindra wins Satyam Computer bid". IBNLive. Archived from the original on 16 April 2009.
- ^ "Tech Mahindra wins Satyam bid". India Today. 12 April 2009.
- ^ "Satyam renamed as Mahindra Satyam". Business Standard. 22 June 2009. Retrieved 5 September 2024.
- ^ "Rising wages can harm Indian IT companies: Vineet Nayyar, Vice-Chairman, Tech Mahindra". timesofindia-economictimes.
- ^ "Tech Mahindra, Satyam get nod to merge".
- ^ "M-Satyam, Tech Mahindra hope to merge in four weeks". 11 June 2013.
- ^ "Will complete Tech Mah, Satyam merger in 8 weeks: Nayyar". 11 June 2013.
- ^ "MSat-Tech Mahindra merger gets court nod". The Hindu. Chennai, India. 11 June 2013.
- ^ "Mahindra Satyam merges with Tech Mahindra; becomes 5th biggest IT firm". Archived from the original on 19 June 2015. Retrieved 2013-06-25.
- ^ "Tech Mahindra, Satyam Computer complete merger". 25 June 2013.
- ^ "Trading in Mahindra Satyam to be suspended from July 4". 29 June 2013.
- ^ "1:8.5 swap for Tech Mahindra, Mahindra Satyam merger". The Hindu. Chennai, India. 25 June 2013.
- ^ "Tech Mahindra completes share swap, issued capital goes up". 12 July 2013.
- ^ "Tech Mahindra completes share swap — The Times of India". The Times Of India.
- ^ "?Tech Mahindra to acquire Swiss firm SOFGEN Holdings". timesofindia-economictimes. Archived from the original on 14 January 2015. Retrieved 15 January 2015.
- ^ "Tech Mahindra set to acquire Italian car design company Pininfarina". timesofindia-economictimes. Archived from the original on 23 December 2015. Retrieved 22 December 2015.
- ^ Bibhu Ranjan Mishra (23 December 2015). "Tech Mahindra rolls out automation tool to boost productivity".
- ^ "TECHM Shareholding Pattern - Tech Mahindra Ltd Stock". fintel.io. Retrieved 28 June 2020.
- ^ Sriram, M. (5 November 2019). "Tech Mahindra acquires New York-based BORN Group for $95 million". Mint. Retrieved 26 November 2019.
- ^ "Tech Mahindra partners with ThoughtSpot for AI-driven analytics". The Economic Times. Retrieved 9 March 2021.
- ^ "Tech Mahindra to acquire 26% in Upendra Singh Multi Transmission". www.indiainfoline.com. Retrieved 28 October 2022.
- ^ "Tech Mahindra partners Anyverse to develop autonomous tech for automotive industry". Financialexpress. 17 August 2023. Retrieved 17 August 2023.
- ^ "Mahindra British buys Axes Tech for $54m". The Economic Times. 17 November 2005. Retrieved 9 September 2024.
- ^ "Tech Mahindra buys US co iPolicy Inc". Rediff. Retrieved 9 September 2024.
- ^ "Tech Mahindra completes Satyam merger". VCCircle. Retrieved 9 September 2024.
- ^ Shivapriya, N. (4 September 2012). "Tech Mahindra announces acquisition Hutchison Global Services for $ 87 million". The Economic Times. Retrieved 5 September 2024.
- ^ "Tech Mahindra buys 51% of Bharti Group's mobile VAS firm Comviva for $48M". VCCircle. Retrieved 5 September 2024.
- ^ "Tech Mahindra acquires 100% stake in Lightbridge Communications". Mint. Retrieved 5 September 2024.
- ^ "Tech Mahindra acquires SOFGEN to boost banking business". Mint. Retrieved 5 September 2024.
- ^ Merchant, Akbar (14 December 2015). "Mahindra acquires Pininfarina design house". Autocar India. Retrieved 5 September 2024.
- ^ "Tech Mahindra to acquire UK's Target Group for up to $175 mn". VCCircle. Retrieved 5 September 2024.
- ^ "Tech Mahindra acquires UK's BIO Agency in all-cash deal". Business Today. 22 June 2016. Retrieved 5 September 2024.
- ^ Usmani, Azman (6 March 2017). "Tech Mahindra To Acquire U.S.-Based Healthcare IT Consulting Firm, HCI Group". NDTV Profit. Retrieved 5 September 2024.
- ^ "Tech Mahindra to acquire Dynacommerce Holding". The Times of India. 1 February 2019. Retrieved 5 September 2024.
- ^ "Tech Mahindra to buy 65 pc stake in Mad*Pow for USD 17 million". Business Standard. Retrieved 5 September 2024.
- ^ "Tech Mahindra to acquire Zen3 Infosolutions for Rs 460 crore in all-cash deal". Business Today. 24 February 2020. Retrieved 5 September 2024.
- ^ "Tech Mahindra acquires DigitalOnUS for $120 million". BusinessLine. 20 April 2021. Retrieved 5 September 2024.
- ^ "Tech Mahindra to acquire Eventus Solutions Group for up to $44 million". The Economic Times. 26 April 2021. Retrieved 5 September 2024.
- ^ "Tech Mahindra acquires US cloud consulting firm Brainscale". Business Standard. Retrieved 5 September 2024.
- ^ "Tech Mahindra acquires Lodestone, WMW". The Economic Times. 25 October 2021. Retrieved 5 September 2024.
- ^ "Tech Mahindra buys Activus". Mint. Retrieved 5 September 2024.
- ^ "Tech Mahindra to acquire 100% stake in US-based Allyis Group". Mint. Retrieved 5 September 2024.
- ^ "Tech Mahindra Acquires Com Tec Co IT Ltd and invests in two InsurTech platforms". The Economic Times. 17 January 2022. Retrieved 5 September 2024.
- ^ "Tech Mahindra to completely acquire Thirdware for Rs 320 cr". Business Standard. Retrieved 5 September 2024.
- ^ "Tech Mahindra > Location Details". Retrieved 1 October 2012.
- ^ "FIDE and Tech Mahindra Announce Dates for First & Biggest Global Chess League". www.fide.com. Retrieved 6 August 2023.
- ^ "Tech Mahindra, FIDE join hands for franchisee-based chess competition". Business Standard.
