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LTIMindtree

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LTIMindtree
FormerlyL&T Infotech
Company typePublic
ISININE214T01019
IndustryInformation 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)
RevenueIncrease ₹35,517 crore (US$4.3 billion) (FY24)[2]
Increase ₹6,048 crore (US$720 million) (FY24)[2]
Increase ₹4,584 crore (US$550 million) (FY24)[2]
Number of employees
81,650 (March 2024)[3]
ParentLarsen & Toubro (68.73%)
Websitewww.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]

History

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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

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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]

On 30 September 2024, LTI Mindtree declared its partnership with Currys by allowing changes to its omni-channel retail customer experiences increasing Salesforce Service Cloud, Commerce Cloud and MuleSoft.[21]

Global presence

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Ramanujan IT City, Chennai
Powai, Mumbai
Sattva Global City, Bangalore
LTIMindtree campuses

LTIMindtree has its presence across the following regions:[22]

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

Acquisitions

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See also: Mindtree § Acquisitions
Company acquired Country Date Business Reference
Citigroup Fund Services Canada Canada Canada February 2011 IT consulting [23]
Information Systems Resource Centre (ISRC) India India October 2014 IT services [24]
AugmentIQ Data Sciences India India October 2016 Big data, data analytics [25]
Syncordis Luxembourg Luxembourg November 2017 Core banking technology [26]
Ruletronics India India January 2019 Business process management [27]
Nielsen+Partner Germany Germany February 2019 IT consulting [28]
Lymbyc India India July 2019 AI, machine learning [29]
Powerupcloud Technologies India India October 2019 Cloud computing [30]
Cuelogic Technologies India India July 2021 Digital engineering [31]
Mindtree India India May 2022 IT services [32]

See also

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Wikimedia Commons has media related to LTIMindtree.

References

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  1. ^ "Larsen & Toubro Infotech Limited: Private Company Information – BusinessWeek". Investing.businessweek.com. Archived from the original on 9 December 2008. Retrieved 11 July 2012.
  2. ^ a b c "Investor Presentation – Q4FY24" (PDF). LTIMindtree. Retrieved 24 April 2024.
  3. ^ "LTIMindtree reports 1.2% Y-o-Y decline in net profit". Techcircle. 24 April 2024. Retrieved 24 April 2024.
  4. ^ Phadnis, Shilpa; Mani, Veena. "LTIMindtree aspires to be $10bn in revenue: CEO". The Times of India. Retrieved 9 December 2022.
  5. ^ "Sanjay Jalona CEO & MD of LTI". lntinfotech.com. L&T Infotech. 12 August 2015. Retrieved 8 February 2016.
  6. ^ "expresscomputeronline". 1 April 2002. Archived from the original on 4 September 2004. Retrieved 25 November 2012.
  7. ^ "Larsen & Toubro Infotech Ltd". Retrieved 16 April 2019 – via Business Standard.
  8. ^ Sanjai, P R.; Khan, Zahra (14 October 2013). "L&T Infotech plans to enter new markets, make acquisitions". Mint. Retrieved 26 April 2024.
  9. ^ Barman, Arijit; Shinde, Shivani (7 March 2012). "Now, L&T jumps into Hexaware race to reboot Infotech". Business Standard. Retrieved 26 April 2024.
  10. ^ "L&T to set up new arm L&T Technology Services". The Economic Times. Retrieved 14 October 2022.
  11. ^ Sanjai, P. R. (15 July 2016). "L&T to sell 15% stake in L&T Technology Services via IPO". mint. Retrieved 14 October 2022.
  12. ^ 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.
  13. ^ Seth, Dilasha (18 July 2016). "L&T Infotech bags contract for Project Insight". Business Standard. Retrieved 30 July 2024.
  14. ^ "L&T Infotech gets $100 million project from CBDT to help pin down tax evaders". Mint. 1 October 2017. Retrieved 30 July 2024.
  15. ^ "L&T Infotech rebrands itself as LTI in keeping with new business reality". Moneycontrol. 4 May 2017. Retrieved 16 April 2019.
  16. ^ Laskar, Anirudh (26 June 2019). "With 60% stake, L&T completes its hostile takeover of Mindtree". mint. Retrieved 17 August 2023.
  17. ^ 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.
  18. ^ "LTIMindtree to have fifth largest BFSI portfolio". The Times of India. 9 May 2022.
  19. ^ "LTIMindtree begins life in the big league". 15 November 2022.
  20. ^ "Merged entity. LTI-Mindtree merger takes effect; latter to delist from bourses on Nov 24". 14 November 2022.
  21. ^ "LTI MIndtree partners with Currys". Business Standard. 30 September 2024.
  22. ^ "Global Footprint". LTIMindtree. Retrieved 30 July 2024.
  23. ^ "L&T Infotech acquires Citigroup's Canadian IT unit". Business Standard. February 2011. Retrieved 25 January 2013.
  24. ^ "L&T Infotech buys Otis Elevator's Information Systems Resource Centre". The Hindu Business Line. 28 October 2014. Retrieved 28 October 2014.
  25. ^ "L&T Infotech to acquire analytics start-up AugmentIQ". Mint. 25 October 2016. Retrieved 25 October 2016.
  26. ^ "Larsen & Toubro Infotech to acquire Syncordis SA". The Economic Times. 14 November 2017. Retrieved 14 November 2017.
  27. ^ "Larsen & Toubro Infotech acquires Ruletronics for $7.48 million". The Economic Times. 17 January 2019. Retrieved 17 January 2019.
  28. ^ "LTI to acquire Germany's Nielsen+Partner in a $31.6M deal". The Economic Times. 14 February 2019. Retrieved 14 February 2019.
  29. ^ "LTI to acquire advanced analytics firm Lymbyc". The Economic Times. 17 July 2019. Retrieved 17 July 2019.
  30. ^ "Larsen & Toubro Infotech to acquire PowerupCloud". The Hindu. 17 October 2019. Retrieved 17 October 2019.
  31. ^ "LTI concludes acquisition of Pune-Based Cuelogic". Business Standard. 8 July 2021. Retrieved 8 July 2021.
  32. ^ Mudgill, Amit. "L&T Infotech announces merger with Mindtree". The Economic Times. Retrieved 9 May 2022.
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