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Tech Mahindra

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Tech Mahindra
Company typePublic
ISININE669C01036
IndustryInformation technology
Consulting
Outsourcing
Founded24 October 1986; 38 years ago (24 October 1986)
FounderAnand Mahindra
HeadquartersPune, Maharashtra, India
Area served
Worldwide
Key people
RevenueDecrease ₹52,912 crore (US$6.2 billion) (2024)
Decrease ₹3,224 crore (US$380 million) (2024)
Decrease ₹2,396 crore (US$280 million) (2024)
Total assetsDecrease ₹43,423 crore (US$5.1 billion) (2024)
Total equityDecrease ₹27,146 crore (US$3.2 billion) (2024)
Number of employees
138,510 (March 2024)[2]
ParentMahindra Group
Websitewww.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]

History

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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

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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

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

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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

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Year Company Country Industry Acquisition cost
2005 Axes Technologies[36] United States Telecom engineering $54 million
2007 iPolicy Networks[37] United States Network security Undisclosed
2009-13 Satyam Computer Services[38] India IT services $1.75 billion
2012 Hutchinson Global Services[39] United States Business process outsourcing $87 million
2012 Comviva[40] India Telecom VAS $48 million
2014 Lightbridge Communications Corporation (LCC)[41] United States Telecom network services $240 million
2015 SOFGEN Holdings[42] Switzerland Banking technology consulting Undisclosed
2015 Pininfarina[43] Italy Automotive design engineering €168 million
2016 Target Group[44] United Kingdom Business process outsourcing £120 million
2016 The Bio Agency[citation needed] United Kingdom Digital consulting £45 million
2017 HCI Group (CJS Solutions Group)[45] United States Healthcare technology $89.5 million
2019 DynaCommerce[46] Netherlands Telecom software services €15 million
2019 Mad*Pow[47] United States Design consultancy $17 million
2019 BORN Group United States Content agency $90 million
2020 Zen3 Infosolutions[48] United States Enterprise software $64 million
2021 DigitalOnUs[49] United States Cloud and DevOps services $120 million
2021 Eventus Solutions Group[50] United States CX consulting $44 million
2021 Brainscale[51] United States Cloud consulting $28.8 million
2021 Lodestone (Infostar)[52] United States Product engineering $105 million
2021 Activus Connect[53] United States CX technology $62 million
2021 Allyis Group[54] United States IT consulting $125 million
2022 Com Tec Co (CTC)[55] Cyprus IT consulting €310 million
2022 Thirdware[56] India Enterprise software $42 million

Locations

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

See also

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References

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  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.
  39. ^ Shivapriya, N. (4 September 2012). "Tech Mahindra announces acquisition Hutchison Global Services for $ 87 million". The Economic Times. Retrieved 5 September 2024.
  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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