Tech Mahindra

Tech Mahindra

Tech Mahindra Limited is an Indianmultinational provider of information technology (IT), networking technologysolutions and Business Process Outsourcing(BPO) to various industry verticals and horizontals. Anand Mahindra is the Chairman of Tech Mahindra, which is headquartered atPune and has its registered office in Mumbai.
Tech Mahindra Ltd.
Public
Traded as
IndustryIT services, IT consulting
Founded1986; 32 years ago
HeadquartersPune, India[1]
Area served
Worldwide
Key people
ServicesIT, business consultingand outsourcing
RevenueIncrease US$4.35 billion (2017)[2]
Increase US$425 million (2017)[2]
Number of employees
115,241 (December 2017)[2]
ParentMahindra Group
Websitewww.techmahindra.com
Part of the Mahindra Group, Tech Mahindra is a US$4.6 billion company[3] with over 115,000 employees across 90 countries.[2] It provides services to customers which include Fortune 500 companies. It is also one of the Fab 50 companies in Asia, a list compiled byForbes.[4] Tech Mahindra was ranked #5 in India's software services (IT) firms and overall #111 in Fortune India 500 list for 2012.[5] Tech Mahindra, on 25 June 2013, announced the completion of a merger with Mahindra Satyam.[6]
Tech Mahindra has 864 active clients as of June 2017.[2]

HistoryEdit

FoundationEdit

Mahindra & Mahindra started a joint venture with British Telecom in 1986 as a technology outsourcing firm. British Telecom initially had around 30 percent stake in the Tech Mahindra company. In December 2010, British Telecom sold 5.5 per cent of its stake in Tech Mahindra to Mahindra & Mahindra for Rs 451 crore.[7] In August 2012, British Telecom sold 14.1 per cent of its stake to institutional investors for about Rs 1,395 crore. In December 2012, British Telecom sold its remaining 9.1 per cent (11.6 million shares) shareholding to institutional investors for a total gross cash proceeds of Rs 1,011.4 crore. This sale marked the exit of British Telecom from Tech Mahindra.[8]

Acquisition of Satyam Computer Services Ltd.Edit

After the Satyam scandal of 2008-09 Tech Mahindra bid for Satyam Computer Services, and emerged as a top bidder with an offer of Rs 58.90 a share for a 31 per cent stake in the company, beating a strong rival Larsen & Toubro.[9] After evaluating the bids, the government-appointed board of Satyam Computer announced on 13 April 2009: "its Board of Directors has selected Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra Limited as the highest bidder to acquire a controlling stake in the Company, subject to the approval of the Hon'ble Company Law Board." Through a subsidiary, it has emerged victorious inSatyam sell-off, a company probably two times its size in number of people. This was one of the largest merger deals in India's tech industry.

Merger with Mahindra SatyamEdit

Mahindra Group V-C Anand Mahindra
Tech Mahindra announced its merger withMahindra Satyam on March 21, 2012, after the boards of the two companies gave their approval, to create a 2.5 billion $ IT Company.[10][11][12] The two firms had received the go-ahead for the merger from the Bombay Stock Exchange and the National Stock Exchange.[13] On June 11, 2013, Andhra Pradesh High Court gave its approval for the merger of Mahindra Satyam with Tech Mahindra, after the Bombay high court had already given its approval.[14][15][16][17] Vineet Nayyar said that technical approvals from the Registrar of Companies in Andhra Pradesh and Maharashtra are required which will be done in two to four weeks, and within eight weeks, the new merged entity would be in place. The new organisation would be led byAnand Mahindra as Chairman, Vineet Nayyaras Vice Chairman and C. P. Gurnani as the CEO and Managing Director.[18][19][20] On June 25, 2013, Tech Mahindra announced the completion of its merger with Mahindra Satyam to create the nation's fifth largest software services company with a turnover of USD 2.7 billion.[21][22] Tech Mahindra got the approval from the registrar of companies for the merger at 11:45 pm on June 24, 2013. July 5, 2013 has been determined as record date on which the Satyam Computer Services ('Mahindra Satyam') shares will be swapped for Tech Mahindra shares under the approved scheme.[23] Mahindra Satyam (Satyam Computer Services), was suspended from trading with effect from July 4, 2013, following the merger.[24] Tech Mahindra completed share swap and allocated its shares to the shareholders of Satyam Computer Services on July 12, 2013.[25] The stock exchanges have accorded their approval for trading the new shares effective July 12, 2013. Tech Mahindra posted net profit of Rs 686 crore for the first quarter ended June 30, 2013, up 27% compared to the corresponding quarter last year.[26][27][28] By March 2016, Tech Mahindra's post-tax earnings had surged past that of M&M.

TimelineEdit

  • 1986 - Created as a joint venture ofMahindra & Mahindra and British Telecommunications (later BT Group).[29]
  • 1993 - Incorporation of MBT International Inc., the first overseas subsidiary
  • 1994 - Awarded ISO 9001 certification byBVQI[30]
  • 1995 - Established UK branch office
  • 2001 - Incorporated MBT GmbH, Germany incorporated. Re-certified to [ISO 9001:1994] by BVQI[citation needed]
  • 2002 - Assessed at Level 2 of SEI CMM by KPMG. Incorporated MBT Software Technologies Pte. Limited, Singapore
  • 2005 - Merged MBT with Axes Technologies (India) Private Limited, including its US and Singapore subsidiaries.Assessed at Level 3 of SEI CMMI by KPMG
  • 2006 - Name changed to Tech Mahindra Limited. Assessed at Level 4 of SEI People-CMM (P-CMM) by QAI India. Raised Rs46.5 million ($1 million) from an IPO to build a new facility in Pune, to house about 9,000 staff. Formed a JV with Motorola Inc. under the name CanvasM.
  • 2007 - Acquired iPolicy Networks Private Limited. Launched the Tech Mahindra Foundation to help underprivileged people. Assessed at Level 5 of SEI CMMI by KPMG
  • 2009 - Tech M wins bid for fraud-hit Satyam Computer Services at Rs 58.90 per share outdoing Larsen & Toubro, which bid at Rs 45.90. Rebrands the company to Mahindra Satyam.
  • 2012 - Acquires Hutchison Global Services for $87.1 million
  • 2012 - Buys 51% stake in Comviva
  • 2012 - Tech Mahindra acquires vCustomer BPO for $27 million
  • 2013 - Tech Mahindra acquires Sweden-based Type Approval Lab. The lab was part of Sony Mobile Communication's internal test function and after acquisition it became the first European test lab of Tech Mahindra.[31]
  • 2013 - On June 25, Tech Mahindra andMahindra Satyam merging process completed and the name of the parent company was retained for the merged entity[32]
  • 2014 - Tech Mahindra acquires Lightbridge Communications Corporation (LCC), the largest independent telecom services company in the world with local presence in over 50 countries.
  • 2015 - Tech Mahindra acquires SOFGEN Holdings, a 450-employee Swiss IT firm serving the financial services industry[33][34]
  • 2015 - Tech Mahindra purchases a controlling stake in Pininfarina S.p.A., an Italian brand in automotive and industrial design[35]
  • 2015 - Tech Mahindra announces the launch of its Automation Framework AQT (Automation, Quality, Time)[36]
  • 2016 - Tech Mahindra said it would buy financial technology firm Target Group to boost its platform business process-as-a-service offering in the banking sector[37]
  • 2017 - Tech Mahindra and Midad Holdings, a part of diversified business conglomerate Al Fozan Group today announced the launch of a Joint Venture, Tech Mahindra Arabia Ltd.[38]
  • 2017 - On the basis of a global partnership agreement signed, Tech Mahindra will market Huawei’s enterprise products and services across 44 countries including India.[39]
  • 2017 - Tech Mahindra announced that it has signed a definitive agreement to acquire CJS Solutions Group LLC, a US-based healthcare Information Technology consulting company which does business as (DBA) “The HCI Group.”[40]

Tech Mahindra officesEdit

Tech Mahindra has offices in more than 60 countries.[41][42][43]
  • Tech Mahindra Campus, HITEC City
  • Tech Mahindra Technology Center atBahadurpally, Hyderabad
  • Tech Mahindra Development Center
  • Tech Mahindra, Hyderabad
  • Tech Mahindra Development CentreVisakhapatnam

See alsoEdit

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