Tech Mahindra

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Tech Mahindra is an Indian multinational information technology services and consulting company. It was formed in 1986 as a joint venture between Mahindra & Mahindra and BT Group. Part of the Mahindra Group, the company is headquartered in Pune and has its registered office in Mumbai.[1]

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%.[2] MBT primarily served the telecommunications industry in its early years, with British Telecom as its largest client.[3]

In 2006, MBT was renamed as Tech Mahindra,[4] and it became a public company via an initial public offering.[5] In December 2010, British Telecom sold 5.5% of its stake in Tech Mahindra to Mahindra & Mahindra for Template:INR451 crore.[6] In August 2012, British Telecom sold 14.1% of its stake to institutional investors for about Template:INR1,395 crore. In December 2012, British Telecom sold its remaining 9.1% stake to institutional investors for Template:INR1,011.4 crore. This sale marked the exit of British Telecom from Tech Mahindra.[7]

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.[8] After evaluating the bids, the government-appointed board of Satyam Computer announced on 13 April 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.[9] After the completion of the acquisition, Satyam Computer Services was renamed Mahindra Satyam in June 2009.[10]

File:Tech Mahindra Bangalore (cropped).jpg
A building in the Bangalore campus of Tech Mahindra c. 2017

Tech Mahindra announced its merger with Mahindra Satyam on 21 March 2012, after getting approval of the two company boards.[11][12] 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.[13][14][15] 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.[16][17] Mahindra Satyam was suspended from trading with effect from 4 July 2013, following the merger.[18] After the completion of share swap,[19] the stock exchanges approved the trading of new shares from 12 July 2013.[20][21]

Later years

In 2014, Tech Mahindra acquired Lightbridge Communications Corporation (LCC), a telecom services company. In 2015, Tech Mahindra purchased a controlling stake in Pininfarina S.p.A., an Italian automotive and industrial design company.[22] Tech Mahindra announced the launch of its Automation Framework AQT (Automation, Quality, Time).[23] By March 2016, Tech Mahindra's post-tax earnings had surpassed that of M&M.[24]

Tech Mahindra was ranked #5 in India's IT firms and overall No. 47 on Fortune India 500 list for 2019.[25]

In March 2021, Tech Mahindra partnered with US-based business intelligence analytics company ThoughtSpot.[26]

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.[27]

In 2023, Tech Mahindra and FIDE organized the Global Chess League, an over-the-board rapid chess league.[28][29]

Acquisitions

Notable acquisitions by Tech Mahindra include:

Year Company Country Industry Acquisition cost
2005 Axes Technologies[30] United States Telecom engineering $54 million
2007 iPolicy Networks[31] United States Network security Undisclosed
2009-13 Satyam Computer Services[32] India IT services $1.75 billion
2012 Hutchinson Global Services[33] United States Business process outsourcing $87 million
2012 Comviva[34] India Telecom VAS $48 million
2014 Lightbridge Communications Corporation (LCC)[35] United States Telecom network services $240 million
2015 SOFGEN Holdings[36] Switzerland Banking technology consulting Undisclosed
2015 Pininfarina[37] Italy Automotive design engineering €168 million
2016 Target Group[38] United Kingdom Business process outsourcing £120 million
2016 The Bio Agency[39] United Kingdom Digital consulting £45 million
2017 HCI Group (CJS Solutions Group)[40] United States Healthcare technology $89.5 million
2019 BORN Group[41] United States Content agency $90 million
2020 Zen3 Infosolutions[42] United States Enterprise software $64 million
2020 Tenzing Group[43] New Zealand Management consulting $29.5 million
2021 Perigord[44] Ireland Digital services €21 million
2021 DigitalOnUs[45] United States Cloud and DevOps services $120 million
2021 Eventus Solutions Group[46] United States CX consulting $44 million
2021 Brainscale[47] United States Cloud consulting $28.8 million
2021 Lodestone (Infostar)[48] United States Product engineering $105 million
2021 Activus Connect[49] United States CX technology $62 million
2021 Allyis Group[50] United States IT consulting $125 million
2022 Com Tec Co (CTC)[51] Cyprus IT consulting €310 million
2022 Thirdware[52] India Enterprise software $42 million

Locations

Tech Mahindra has offices in around 50 countries.[53]

See also

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References

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External links

Template:Mahindra Group Template:Nifty 200 companies Template:BSE Sensex Template:CNX Nifty companies Template:DJSI World Template:Major information technology consulting and outsourcing companies Template:Contract research organization

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