LTIMindtree
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Formerly | L&T Infotech |
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Company type | Public |
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ISIN | INE214T01019 |
Industry | Information technology Consulting Outsourcing[1] |
Founded | 23 December 1996 |
Headquarters | L&T House, Ballard Estate, Mumbai , India |
Area served | Worldwide |
Key people | A. M. Naik (Chairman) S. N. Subrahmanyan |
Revenue | ![]() |
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Number of employees | 81,650 (March 2024)[3] |
Parent | Larsen & Toubro (68.73%) |
Website | www |
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]
History
[edit]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
[edit]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
[edit]LTIMindtree has its presence across the following regions:[21]
- Mumbai – Ballard Estate (HQ), Powai, Airoli, Mahape
- Bangalore – Whitefield, Sattva Global City, Manyata Embassy Business Park, Electronic City
- Pune – Hinjawadi, Shivajinagar, ICC Tech Park, Kharadi
- Chennai – DLF Cybercity, Manapakkam
- Hyderabad – Mindspace Madhapur, HITEC City, Gachibowli
- Kolkata – Salt Lake City, New Town
- Delhi NCR – Moti Nagar, Noida
- Kochi – InfoPark
- Coimbatore – Rathinam TechZone, TIDEL Park
- Mysore – Silver Spirit Tech Park
- Nagpur – North Ambazari Road
- Bhubaneswar – Khurda
- Indore – Vijay Nagar
- Warangal – Hanamkonda
- North America: United States, Canada, Mexico, Costa Rica
- Europe: United Kingdom, Germany, Netherlands, France, Sweden, Norway, Poland, Denmark, Finland, Spain, Belgium, Ireland, Romania, Cyprus
- Asia Pacific: Australia, China, Singapore, Japan, Philippines, Malaysia, Taiwan, South Korea
- Middle East: United Arab Emirates, Saudi Arabia, Qatar
- Africa: South Africa, Morocco
Acquisitions
[edit]Company acquired | Country | Date | Business | Reference |
---|---|---|---|---|
Citigroup Fund Services Canada | ![]() |
February 2011 | IT consulting | [22] |
Information Systems Resource Centre (ISRC) | ![]() |
October 2014 | IT services | [23] |
AugmentIQ Data Sciences | ![]() |
October 2016 | Big data, data analytics | [24] |
Syncordis | ![]() |
November 2017 | Core banking technology | [25] |
Ruletronics | ![]() |
January 2019 | Business process management | [26] |
Nielsen+Partner | ![]() |
February 2019 | IT consulting | [27] |
Lymbyc | ![]() |
July 2019 | AI, machine learning | [28] |
Powerupcloud Technologies | ![]() |
October 2019 | Cloud computing | [29] |
Cuelogic Technologies | ![]() |
July 2021 | Digital engineering | [30] |
Mindtree | ![]() |
May 2022 | IT services | [31] |
See also
[edit]![](http://upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png)
References
[edit]- ^ "Larsen & Toubro Infotech Limited: Private Company Information – BusinessWeek". Investing.businessweek.com. Archived from the original on 9 December 2008. Retrieved 11 July 2012.
- ^ a b c "Investor Presentation – Q4FY24" (PDF). LTIMindtree. Retrieved 24 April 2024.
- ^ "LTIMindtree reports 1.2% Y-o-Y decline in net profit". Techcircle. 24 April 2024. Retrieved 24 April 2024.
- ^ Phadnis, Shilpa; Mani, Veena. "LTIMindtree aspires to be $10bn in revenue: CEO". The Times of India. Retrieved 9 December 2022.
- ^ "Sanjay Jalona CEO & MD of LTI". lntinfotech.com. L&T Infotech. 12 August 2015. Retrieved 8 February 2016.
- ^ "expresscomputeronline". 1 April 2002. Archived from the original on 4 September 2004. Retrieved 25 November 2012.
- ^ "Larsen & Toubro Infotech Ltd". Retrieved 16 April 2019 – via Business Standard.
- ^ Sanjai, P R.; Khan, Zahra (14 October 2013). "L&T Infotech plans to enter new markets, make acquisitions". Mint. Retrieved 26 April 2024.
- ^ Barman, Arijit; Shinde, Shivani (7 March 2012). "Now, L&T jumps into Hexaware race to reboot Infotech". Business Standard. Retrieved 26 April 2024.
- ^ "L&T to set up new arm L&T Technology Services". The Economic Times. Retrieved 14 October 2022.
- ^ Sanjai, P. R. (15 July 2016). "L&T to sell 15% stake in L&T Technology Services via IPO". mint. Retrieved 14 October 2022.
- ^ Shah, Ami (21 July 2016). "L&T Infotech falls 1.74% on debut; first IPO to list at a discount in 4 months". mint. Retrieved 14 October 2022.
- ^ Seth, Dilasha (18 July 2016). "L&T Infotech bags contract for Project Insight". Business Standard. Retrieved 30 July 2024.
- ^ "L&T Infotech gets $100 million project from CBDT to help pin down tax evaders". Mint. 1 October 2017. Retrieved 30 July 2024.
- ^ "L&T Infotech rebrands itself as LTI in keeping with new business reality". Moneycontrol. 4 May 2017. Retrieved 16 April 2019.
- ^ Laskar, Anirudh (26 June 2019). "With 60% stake, L&T completes its hostile takeover of Mindtree". mint. Retrieved 17 August 2023.
- ^ a b Press Trust of India (19 June 2022). "L&T Infotech-Mindtree merger likely by December, says LTI COO". Business Standard India. Retrieved 7 July 2022.
- ^ "LTIMindtree to have fifth largest BFSI portfolio". The Times of India. 9 May 2022.
- ^ "LTIMindtree begins life in the big league". 15 November 2022.
- ^ "Merged entity. LTI-Mindtree merger takes effect; latter to delist from bourses on Nov 24". 14 November 2022.
- ^ "Global Footprint". LTIMindtree. Retrieved 30 July 2024.
- ^ "L&T Infotech acquires Citigroup's Canadian IT unit". Business Standard. February 2011. Retrieved 25 January 2013.
- ^ "L&T Infotech buys Otis Elevator's Information Systems Resource Centre". The Hindu Business Line. 28 October 2014. Retrieved 28 October 2014.
- ^ "L&T Infotech to acquire analytics start-up AugmentIQ". Mint. 25 October 2016. Retrieved 25 October 2016.
- ^ "Larsen & Toubro Infotech to acquire Syncordis SA". The Economic Times. 14 November 2017. Retrieved 14 November 2017.
- ^ "Larsen & Toubro Infotech acquires Ruletronics for $7.48 million". The Economic Times. 17 January 2019. Retrieved 17 January 2019.
- ^ "LTI to acquire Germany's Nielsen+Partner in a $31.6M deal". The Economic Times. 14 February 2019. Retrieved 14 February 2019.
- ^ "LTI to acquire advanced analytics firm Lymbyc". The Economic Times. 17 July 2019. Retrieved 17 July 2019.
- ^ "Larsen & Toubro Infotech to acquire PowerupCloud". The Hindu. 17 October 2019. Retrieved 17 October 2019.
- ^ "LTI concludes acquisition of Pune-Based Cuelogic". Business Standard. 8 July 2021. Retrieved 8 July 2021.
- ^ Mudgill, Amit. "L&T Infotech announces merger with Mindtree". The Economic Times. Retrieved 9 May 2022.
External links
[edit]
- Companies based in Mumbai
- Software companies of India
- Information technology consulting firms of India
- Larsen & Toubro
- Software companies based in Mumbai
- Software companies established in 1996
- 1996 establishments in Maharashtra
- Indian companies established in 1996
- Companies listed on the National Stock Exchange of India
- Companies listed on the Bombay Stock Exchange