Mindtree

Mindtree Ltd is an Indian multinational technology company that specializes in information technology and outsourcing, headquartered in Bangalore, India and New Jersey, USA. It is part of the Larsen & Toubro group. Founded in 1999, the company employs approximately 21,991 employees with an annual revenue of ₹7839.9 crore (US$1.1 billion).[6][7][8]

Mindtree
TypePublic
ISININE018I01017
Industry
Founded18 August 1999 (1999-08-18)
FounderAshok Soota
Subroto Bagchi
Krishnakumar Natarajan
Parthasarathy NS
Scott Staples
Anjan Lahiri
Kalyankumar Banerjee
Janakiraman
Kamran Ozair
Rostow Ravanan
HeadquartersGlobal Village Tech Park,
Bangalore
,
India
Area served
Worldwide
Key people
Services
Revenue ₹7,839.90 crore (US$1.1 billion) [3] (2020)
₹828.70 crore (US$120 million) [3] (2020)
₹630.80 crore (US$88 million) [3] (2020)
Total assets ₹5,156.60 crore (US$720 million) [4] (2020)
Total equity ₹3,156.80 crore (US$440 million) [4] (2020)
Number of employees
21,991 (Mar 2020)
ParentLarsen & Toubro (61.08%) [5]
Websitewww.mindtree.com

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

History

In August 1999, Mindtree Consulting Private Limited was founded by ten IT professionals, three of which invested through an entity incorporated in Mauritius.[9] 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.[10]

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.[11] The IPO was oversubscribed by more than a hundred times.[12] Mindtree announced a new brand identity and logo, with the slogan "Welcome to possible" on 28 September 2012.[13]

In 2012, Mindtree setup its first U.S. delivery center (USDC) in Gainesville, Florida, under the leadership of Scott Staples, co-founder and Global Head of Sales.[14] As of 2017, the company has 43 offices in over 17 countries.[15]

Larsen & Toubro, an infrastructure major and one of the largest conglomerates in India, took over control of Mindtree on June 2019 and currently has a 61.08% stake in the company.[16][17][5]

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.[18]

Services
Mindtree Chennai at Ramanujan IT City Sez

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.[19]

The company offers various research and development services including Bluetooth Solutions, Digital Video Surveillance, an integrated test methodology called MindTest, an IT infrastructure management and service platform called MWatch, the application management service, Atlas, SAP Insurance and OmniChannel.

Mindtree's business is structured around clients in verticals such as Banking, Capital Markets, Consumer Devices & Electronics, Consumer Packed Goods, Independent Software Vendors, Manufacturing, Insurance, Media & Entertainment, Retail, Semiconductors and the Travel and Hospitality industry.[20]

Employees

Mindtree has a total of 21,991 employees as of March 2020, of which 32% were women. 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.[21]

Acquisitions
Name Acquisition date Activities Country of HQ Price Employees
(at acquisition)		 Reference
ASAP Solutions 2004 SAP & ERP India & United States NA 120 [22]
Linc Software Services Pvt Ltd 2005 Application development and Maintenance domains for Mid-Range Systems India $7 million 220 [23]
CoSystems 2005 Telecom (Captive Development Center – Indian division) United States ₹ 10 million 20 [24]
TES-Purple Vision 2007 Electronics(IC Design). Indian Division. Subsidiary of TES Electronic Solutions SA. France $6.55 million 150 [25][26]
Aztecsoft 2008 Product engineering and Testing services company. Aztecsoft had previously acquired Disha Technologies, a testing company, in 2004. India ₹ 40 million 2200 [27][28]
Kyocera Wireless India Pvt Ltd 2009 Wireless services. Indian R&D Division Japan $6 million 600 [29][30]
7Strata 2010 Remote infrastructure management services India ₹ 7.2 million 90 [31][32]
Discoverture Solutions LLC Jan 2015 Property and Casualty Insurance United States $15 million 300 [33]
Bluefin Solutions Limited July 2015 IT solutions, SAP HANA solutions United Kingdom £42.3 million [34]
Relational Solutions Inc July 2015 IT solutions — CPG United States $10 million [34]
Magnet 360 Jan 2016 Salesforce consulting USA $50 million 100 [35]

Subsidiaries
Name Location
Mindtree Software (Shanghai) Co. Ltd[36] China
Bluefin Solutions Limited United Kingdom
Bluefin Solutions Inc. United States
Bluefin Solutions Sdn Bhd Malaysia
Bluefin Solutions Pte Ltd Singapore

Philanthropy

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.[37] 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:[38]

  • The launch of 'Udaan', a scholarship program to support the medical education of underprivileged students in association with Narayana Hrudayalaya Charitable Trust.[39]
  • 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.[40]
  • 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.[41]

See also

References
  1. "Mindtree Leadership". 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. "Mindtree Profit & Loss account, Mindtree Financial Statement & Accounts". www.moneycontrol.com. Retrieved 25 June 2020.
  4. "Mindtree Consolidated Balance Sheet, Mindtree Financial Statement & Accounts". www.moneycontrol.com. Retrieved 25 June 2020.
  5. "Mindtree >> Shareholding Pattern - Promoter and Promoter Group - September 2019". www.moneycontrol.com. Retrieved 25 June 2020.
  6. "IT major Mindtree joins $1-billion club". www.thehindu.com. 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. "Mindtree Q4 net rises 4% to ₹206 cr". Livemint. 24 April 2020. Retrieved 12 May 2020.
  9. "History of Incorporation". Economic Times. Archived from the original on 1 December 2013. Retrieved 6 December 2013.
  10. "Mindtree history – Funding". Archived from the original on 1 December 2013. Retrieved 6 December 2013.
  11. "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.
  12. "MindTree IPO subscribed 103 times". Archived from the original on 30 November 2013. Retrieved 6 December 2013.
  13. "MindTree Logo". Archived from the original on 21 May 2014. Retrieved 21 May 2014.
  14. "Mindtree's first U.S. delivery center". Archived from the original on 1 December 2013. Retrieved 6 December 2013.
  15. "Mindtree Fact Sheet" (PDF). Archived from the original (PDF) on 17 August 2017. Retrieved 19 June 2017.
  16. "[EXPLAINED] Larsen & Toubro's hostile takeover of Mindtree". www.timesnownews.com. Archived from the original on 11 July 2019. Retrieved 5 October 2019.
  17. "Latest Shareholding Pattern - MindTree Ltd". trendlyne.com. Retrieved 25 June 2020.
  18. Hutter, David (2 March 2020). "Technology services company Mindtree appoints chief operating officer". NJBIZ. Retrieved 3 March 2020.
  19. "Mindtree's Services". Archived from the original on 22 May 2014. Retrieved 22 May 2014.
  20. "Mindtree's client focus". Archived from the original on 30 November 2013. Retrieved 6 December 2013.
  21. "Investors | Mindtree". www.mindtree.com. Retrieved 12 May 2020.
  22. "Mindtree acquires ASAP Solutions". Archived from the original on 4 September 2014. Retrieved 4 September 2014.
  23. "Mindtree acquires Linc Software Services Pvt Ltd". Archived from the original on 16 January 2016. Retrieved 4 September 2014.
  24. "Mindtree acquires Indian Division of CoSystems". Archived from the original on 4 September 2014. Retrieved 4 September 2014.
  25. "Mindtree acquires TES-Purple Vision". Archived from the original on 4 September 2014. Retrieved 4 September 2014.
  26. "Mindtree acquires TES-Purple Vision". Archived from the original on 1 December 2013. Retrieved 6 December 2013.
  27. "Mindtree acquires Aztecsoft". Archived from the original on 4 December 2013. Retrieved 6 December 2013.
  28. "Mindtree acquires Aztecsoft". Archived from the original on 4 September 2014. Retrieved 4 September 2014.
  29. "Mindtree acquires Kyocera Wireless India Pvt Ltd". Archived from the original on 1 December 2013. Retrieved 6 December 2013.
  30. "Mindtree acquires Kyocera Wireless India Pvt Ltd". Archived from the original on 4 September 2014. Retrieved 4 September 2014.
  31. "Mindtree acquires 7Strata". Archived from the original on 11 December 2013. Retrieved 6 December 2013.
  32. "Mindtree acquires 7Strata". Archived from the original on 4 September 2014. Retrieved 4 September 2014.
  33. "Mindtree acquires Discoverture Solutions". Archived from the original on 2 July 2017. Retrieved 19 January 2015.
  34. 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.
  35. "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.
  36. "Mindtree Foundation". Archived from the original on 30 November 2013. Retrieved 22 May 2014.
  37. "Mindtree Foundation". Archived from the original on 30 November 2013. Retrieved 6 December 2013.
  38. "Mindtree Foundation contribution". Archived from the original on 30 November 2013. Retrieved 6 December 2013.
  39. "Udaan".
  40. "I Got Garbage". Archived from the original on 4 July 2015. Retrieved 24 November 2014.
  41. "Mindtree ISR". Archived from the original on 2 February 2015. Retrieved 9 September 2014.
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