Tech Mahindra

Last updated

Tech Mahindra
Company type Public
ISIN INE669C01036
Industry Information technology
Consulting
Outsourcing
Founded24 October 1986;38 years ago (24 October 1986)
Founder Anand Mahindra
Headquarters Pune, Maharashtra, India
Area served
Worldwide
Key people
RevenueDecrease2.svg₹52,912 crore (US$6.3 billion) (2024)
Decrease2.svg₹3,224 crore (US$390 million) (2024)
Decrease2.svg₹2,396 crore (US$290 million) (2024)
Total assets Decrease2.svg₹43,423 crore (US$5.2 billion) (2024)
Total equity Decrease2.svg₹27,146 crore (US$3.3 billion) (2024)
Number of employees
138,510 (March 2024) [2]
Parent Mahindra Group
Website www.techmahindra.com
Footnotes /references
Financials as of 31 March 2024. [3] [4]

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]

Contents

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]

Founder and chairman Anand Mahindra Anand Mahindra (1).jpg
Founder and chairman Anand Mahindra

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

YearCompanyCountryIndustryAcquisition cost
2005Axes Technologies [36] United StatesTelecom engineering$54 million
2007iPolicy Networks [37] United StatesNetwork securityUndisclosed
2009-13 Satyam Computer Services [38] IndiaIT services$1.75 billion
2012Hutchinson Global Services [39] United StatesBusiness process outsourcing$87 million
2012 Comviva [40] IndiaTelecom VAS$48 million
2014Lightbridge Communications Corporation (LCC) [41] United StatesTelecom network services$240 million
2015SOFGEN Holdings [42] SwitzerlandBanking technology consultingUndisclosed
2015 Pininfarina [43] ItalyAutomotive design engineering€168 million
2016Target Group [44] United KingdomBusiness process outsourcing£120 million
2016The Bio Agency[ citation needed ]United KingdomDigital consulting£45 million
2017HCI Group (CJS Solutions Group) [45] United StatesHealthcare technology$89.5 million
2019DynaCommerce [46] NetherlandsTelecom software services€15 million
2019Mad*Pow [47] United StatesDesign consultancy$17 million
2019BORN GroupUnited StatesContent agency$90 million
2020Zen3 Infosolutions [48] United StatesEnterprise software$64 million
2021DigitalOnUs [49] United StatesCloud and DevOps services$120 million
2021Eventus Solutions Group [50] United StatesCX consulting$44 million
2021Brainscale [51] United StatesCloud consulting$28.8 million
2021Lodestone (Infostar) [52] United StatesProduct engineering$105 million
2021Activus Connect [53] United StatesCX technology$62 million
2021Allyis Group [54] United StatesIT consulting$125 million
2022Com Tec Co (CTC) [55] CyprusIT consulting€310 million
2022Thirdware [56] IndiaEnterprise software$42 million

Locations

Tech Mahindra has offices in around 50 countries. [57]

See also

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References

  1. ↑ "Tech Mahindra appoints Mohit Joshi as MD & CEO designate".
  2. ↑ "Tech Mahindra ends Q3 with 4,354 fewer employees". Moneycontrol. 24 January 2024.
  3. ↑ "Integrated Annual Report 2022-23" (PDF). Tech Mahindra. Retrieved 25 April 2024.
  4. ↑ "TechMahindra Profit and loss statement" (PDF).
  5. ↑ "Tech Mahindra". techmahindra.com. TechMahindra. Retrieved 1 January 2018.
  6. ↑ "British Telecom commits Rs 7250/- million business to MBT over three years". Rediff. Retrieved 9 September 2024.
  7. ↑ "Tech Mahindra bags $700 mn deal from British Telecom". The Economic Times. 16 May 2008. Retrieved 9 September 2024.
  8. ↑ "MBT to be renamed Tech Mahindra". Business Standard. 14 February 2006. Retrieved 5 September 2024.
  9. ↑ "Tech Mahindra sets IPO price band at Rs 315-Rs 365". The Economic Times. 27 July 2006. Retrieved 5 September 2024.
  10. ↑ "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.
  11. ↑ "BT exits Tech Mahindra". The Hindu. 12 December 2012. Retrieved 4 July 2015.
  12. ↑ "Tech Mahindra wins Satyam Computer bid". IBNLive. Archived from the original on 16 April 2009.
  13. ↑ "Tech Mahindra wins Satyam bid". India Today . 12 April 2009.
  14. ↑ "Satyam renamed as Mahindra Satyam". Business Standard. 22 June 2009. Retrieved 5 September 2024.
  15. ↑ "Rising wages can harm Indian IT companies: Vineet Nayyar, Vice-Chairman, Tech Mahindra". timesofindia-economictimes. Archived from the original on 5 August 2011.
  16. ↑ "Tech Mahindra, Satyam get nod to merge".
  17. ↑ "M-Satyam, Tech Mahindra hope to merge in four weeks". 11 June 2013.
  18. ↑ "Will complete Tech Mah, Satyam merger in 8 weeks: Nayyar". 11 June 2013.
  19. ↑ "MSat-Tech Mahindra merger gets court nod". The Hindu. Chennai, India. 11 June 2013.
  20. ↑ "Mahindra Satyam merges with Tech Mahindra; becomes 5th biggest IT firm". Archived from the original on 19 June 2015. Retrieved 2013-06-25.
  21. ↑ "Tech Mahindra, Satyam Computer complete merger". 25 June 2013.
  22. ↑ "Trading in Mahindra Satyam to be suspended from July 4". 29 June 2013.
  23. ↑ "1:8.5 swap for Tech Mahindra, Mahindra Satyam merger". The Hindu. Chennai, India. 25 June 2013.
  24. ↑ "Tech Mahindra completes share swap, issued capital goes up". 12 July 2013.
  25. ↑ "Tech Mahindra completes share swap — The Times of India". The Times Of India.
  26. ↑ "?Tech Mahindra to acquire Swiss firm SOFGEN Holdings". timesofindia-economictimes. Archived from the original on 14 January 2015. Retrieved 15 January 2015.
  27. ↑ "Tech Mahindra set to acquire Italian car design company Pininfarina". timesofindia-economictimes. Archived from the original on 23 December 2015. Retrieved 22 December 2015.
  28. ↑ Bibhu Ranjan Mishra (23 December 2015). "Tech Mahindra rolls out automation tool to boost productivity".
  29. ↑ "TECHM Shareholding Pattern - Tech Mahindra Ltd Stock". fintel.io. Retrieved 28 June 2020.
  30. ↑ Sriram, M. (5 November 2019). "Tech Mahindra acquires New York-based BORN Group for $95 million". Mint. Retrieved 26 November 2019.
  31. ↑ "Tech Mahindra - Fortune 500 List 2019". Fortune. Archived 2 March 2022 at the Wayback Machine
  32. ↑ "Tech Mahindra partners with ThoughtSpot for AI-driven analytics". The Economic Times. Retrieved 9 March 2021.
  33. ↑ "Tech Mahindra to acquire 26% in Upendra Singh Multi Transmission". www.indiainfoline.com. Retrieved 28 October 2022.
  34. ↑ "FIDE and Tech Mahindra Announce Dates for First & Biggest Global Chess League". www.fide.com. Retrieved 6 August 2023.
  35. ↑ "Tech Mahindra, FIDE join hands for franchisee-based chess competition". Business Standard .
  36. ↑ "Mahindra British buys Axes Tech for $54m". The Economic Times. 17 November 2005. Retrieved 9 September 2024.
  37. ↑ "Tech Mahindra buys US co iPolicy Inc". Rediff. Retrieved 9 September 2024.
  38. ↑ "Tech Mahindra completes Satyam merger". VCCircle. Retrieved 9 September 2024.
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  40. ↑ "Tech Mahindra buys 51% of Bharti Group's mobile VAS firm Comviva for $48M". VCCircle. Retrieved 5 September 2024.
  41. ↑ "Tech Mahindra acquires 100% stake in Lightbridge Communications". Mint. Retrieved 5 September 2024.
  42. ↑ "Tech Mahindra acquires SOFGEN to boost banking business". Mint. Retrieved 5 September 2024.
  43. ↑ Merchant, Akbar (14 December 2015). "Mahindra acquires Pininfarina design house". Autocar India. Retrieved 5 September 2024.
  44. ↑ "Tech Mahindra to acquire UK's Target Group for up to $175 mn". VCCircle. Retrieved 5 September 2024.
  45. ↑ Usmani, Azman (6 March 2017). "Tech Mahindra To Acquire U.S.-Based Healthcare IT Consulting Firm, HCI Group". NDTV Profit. Retrieved 5 September 2024.
  46. ↑ "Tech Mahindra to acquire Dynacommerce Holding". The Times of India. 1 February 2019. Retrieved 5 September 2024.
  47. ↑ "Tech Mahindra to buy 65 pc stake in Mad*Pow for USD 17 million". Business Standard. Retrieved 5 September 2024.
  48. ↑ "Tech Mahindra to acquire Zen3 Infosolutions for Rs 460 crore in all-cash deal". Business Today. 24 February 2020. Retrieved 5 September 2024.
  49. ↑ "Tech Mahindra acquires DigitalOnUS for $120 million". BusinessLine. 20 April 2021. Retrieved 5 September 2024.
  50. ↑ "Tech Mahindra to acquire Eventus Solutions Group for up to $44 million". The Economic Times. 26 April 2021. Retrieved 5 September 2024.
  51. ↑ "Tech Mahindra acquires US cloud consulting firm Brainscale". Business Standard. Retrieved 5 September 2024.
  52. ↑ "Tech Mahindra acquires Lodestone, WMW". The Economic Times. 25 October 2021. Retrieved 5 September 2024.
  53. ↑ "Tech Mahindra buys Activus". Mint. Retrieved 5 September 2024.
  54. ↑ "Tech Mahindra to acquire 100% stake in US-based Allyis Group". Mint. Retrieved 5 September 2024.
  55. ↑ "Tech Mahindra Acquires Com Tec Co IT Ltd and invests in two InsurTech platforms". The Economic Times. 17 January 2022. Retrieved 5 September 2024.
  56. ↑ "Tech Mahindra to completely acquire Thirdware for Rs 320 cr". Business Standard. Retrieved 5 September 2024.
  57. ↑ "Tech Mahindra > Location Details" . Retrieved 1 October 2012.
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