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LTIMindtree
Indian multinational IT services company From Wikipedia, the free encyclopedia
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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]
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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 the 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
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 active in the 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 capitalization 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]
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Global presence
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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
- Americas: United States, Canada, Mexico, Costa Rica, Brazil
- Europe: United Kingdom, Germany, Netherlands, France, Sweden, Norway, Poland, Denmark, Finland, Spain, Belgium, Ireland, Romania, Italy, Hungary, Croatia, Portugal, Czech Republic, Luxembourg, Switzerland, Cyprus
- Asia Pacific: Australia, China, Singapore, Japan, Philippines, Malaysia, Taiwan, South Korea, Thailand, Hong Kong
- Middle East: United Arab Emirates, Saudi Arabia, Qatar
- Africa: South Africa, Morocco, Kenya
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Acquisitions
See also
Wikimedia Commons has media related to LTIMindtree.
References
External links
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