LTIMindtree

Last updated

LTIMindtree
FormerlyL&T Infotech
Company type Public
ISIN INE214T01019
Industry Information technology
Consulting
Outsourcing [1]
Founded23 December 1996;27 years ago (23 December 1996)
Headquarters
L&T House, Ballard Estate, Mumbai
,
India
Area served
Worldwide
Key people
A. M. Naik (Chairman)
S. N. Subrahmanyan (Vice-chairman)
RevenueIncrease2.svg35,517 crore (US$4.3 billion) (FY24) [2]
Increase2.svg6,048 crore (US$720 million) (FY24) [2]
Increase2.svg4,584 crore (US$550 million) (FY24) [2]
Number of employees
81,650 (March 2024) [3]
Parent Larsen & Toubro (68.73%)
Website www.ltimindtree.com

LTIMindtree Limited is an Indian multinational information technology services and consulting company based in Mumbai. A subsidiary of Larsen & Toubro, the company was incorporated in 1996 and employs more than 81,000 people. [4]

Contents

History

L&T Infotech logo.jpg
LTI Lets solve.png
Logos between 2001–2017 and 2017–2022

The company was founded as L&T Information Technology Ltd in December 1996 as a subsidiary of Larsen & Toubro. [5] During 2001–2002, the company's name was changed from L&T Information Technology Ltd to L&T Infotech Ltd and in the same year the company achieved the assessed level of Software Engineering Institute's (SEI) Maturity Level 5. [6] [7]

Between 2009 and 2012, parent Larsen & Toubro sought to scale up L&T Infotech by making a series of acquisition attempts, for Satyam Computer Services, Patni Computer Systems and Hexaware Technologies, all three of which proved to be unsuccessful. [8] [9]

In 2013–14, L&T Infotech's engineering services segment was acquired by parent Larsen & Toubro's newly created technology and engineering services subsidiary called L&T Technology Services. [10] [11]

In July 2016, L&T Infotech went public via an initial public offering (IPO) of 1,243 crore (US$184.98 million). [12]

Between 2016 and 2017, L&T Infotech had contracts with the Income Tax Department and Central Board of Direct Taxes to detect income tax evasion using profiling, data models and social media analytics. [13] [14]

The company rebranded itself as 'LTI' with a tag line of 'Let's Solve' in May 2017. [15]

Mindtree merger

In June 2019, Larsen & Toubro completed its hostile takeover of Bengaluru-based company Mindtree, despite opposition from the latter's promoters. [16]

In May 2022, it was announced that Mindtree, which was then a different IT services subsidiary of Larsen & Toubro, will be merged into LTI, [17] and the company will be renamed as LTIMindtree. [17] [18] Larsen & Toubro Group chairman A. M. Naik commented that there was not much overlap between the two companies in terms of industries and clientele; LTI had a plurality in BFSI industry and was present in oil and gas sector, while Mindtree had a plurality in technology, media and telecommunications (TMT) with a presence in travel and hospitality. [19]

The merger was completed in November 2022. After the merger, LTIMindtree became India's fifth largest provider of IT services by market capitalisation and sixth largest by revenue. Shares of Mindtree were delisted and shareholders were allotted 73 shares of LTI for every 100 shares of Mindtree held. The parent company, Larsen & Toubro, held a 68.73% stake in the merged entity. [20]

Global presence

L ^ T Powai - panoramio.jpg
Powai, Mumbai
Sattva Global City, Rajarajeshwari Nagar, Bangalore (2024) 75.jpg
Sattva Global City, Bangalore
LTIMindtree campuses

LTIMindtree has its presence across the following regions: [21]

MumbaiBallard Estate (HQ), Powai, Airoli, Mahape
BangaloreWhitefield, Sattva Global City, Manyata Embassy Business Park, Electronic City
PuneHinjawadi, Shivajinagar, ICC Tech Park, Kharadi
ChennaiDLF Cybercity, Manapakkam
HyderabadMindspace Madhapur, HITEC City, Gachibowli
KolkataSalt Lake City, New Town
Delhi NCRMoti Nagar, Noida
KochiInfoPark
Coimbatore – Rathinam TechZone, TIDEL Park
Mysore – Silver Spirit Tech Park
Nagpur – North Ambazari Road
Bhubaneswar – Khurda
IndoreVijay Nagar
WarangalHanamkonda

Acquisitions

Company acquiredCountryDateBusinessReference
Citigroup Fund Services Canada Flag of Canada (Pantone).svg CanadaFebruary 2011IT consulting [22]
Information Systems Resource Centre (ISRC) Flag of India.svg IndiaOctober 2014IT services [23]
AugmentIQ Data Sciences Flag of India.svg IndiaOctober 2016 Big data, data analytics [24]
Syncordis Flag of Luxembourg.svg LuxembourgNovember 2017 Core banking technology [25]
Ruletronics Flag of India.svg IndiaJanuary 2019 Business process management [26]
Nielsen+Partner Flag of Germany.svg GermanyFebruary 2019IT consulting [27]
Lymbyc Flag of India.svg IndiaJuly 2019 AI, machine learning [28]
Powerupcloud Technologies Flag of India.svg IndiaOctober 2019 Cloud computing [29]
Cuelogic Technologies Flag of India.svg IndiaJuly 2021Digital engineering [30]
Mindtree Flag of India.svg IndiaMay 2022IT services [31]

See also

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References

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