Tech Mahindra
Indian multinational technology company From Wikipedia, the free encyclopedia
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.[4]
 | |
| Formerly | Mahindra British Telecom (1986–2006) |
|---|---|
| Company type | Public |
| |
| ISIN | INE669C01036 |
| Industry | Information technology Consulting Outsourcing |
| Founded | 24 October 1986 |
| Founder | Anand Mahindra |
| Headquarters | Pune, Maharashtra, India |
Area served | Worldwide |
Key people |
|
| Revenue | ₹53,847 crore (US$6.4 billion) (2025) |
| ₹5,653 crore (US$670 million) (2025) | |
| ₹4,499 crore (US$530 million) (2025) | |
| Total assets | ₹44,494 crore (US$5.3 billion) (2025) |
| Total equity | ₹27,791 crore (US$3.3 billion) (2025) |
Number of employees | 148,731 (March 2025)[2] |
| Parent | Mahindra Group |
| Website | www |
| Footnotes / references Financials as of 31 March 2025[update].[3] | |
History
Summarize
Perspective
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%.[5] MBT primarily served the telecommunications industry in its early years, with British Telecom as its largest client.[6]
In 2006, MBT was renamed as Tech Mahindra,[7] and it became a public company via an initial public offering.[8] In December 2010, British Telecom sold 5.5% of its stake in Tech Mahindra to Mahindra & Mahindra for ₹451 crore.[9] 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.[10]
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.[11] 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.[12] After the completion of the acquisition, Satyam Computer Services was renamed Mahindra Satyam in June 2009.[13]
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Tech Mahindra announced its merger with Mahindra Satyam on 21 March 2012, after getting approval of the two company boards.[14][15] 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.[16][17][18] 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.[19][20] Mahindra Satyam was suspended from trading with effect from 4 July 2013, following the merger.[21] After the completion of share swap,[22] the stock exchanges approved the trading of new shares from 12 July 2013.[23][24]
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.[25] Tech Mahindra announced the launch of its Automation Framework AQT (Automation, Quality, Time).[26] By March 2016, Tech Mahindra's post-tax earnings had surpassed that of M&M.[27]
Tech Mahindra was ranked #5 in India's IT firms and overall No. 47 on Fortune India 500 list for 2019.[28]
In March 2021, Tech Mahindra partnered with US-based business intelligence analytics company ThoughtSpot.[29]
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.[30]
In 2023, Tech Mahindra and FIDE organized the Global Chess League, an over-the-board rapid chess league.[31][32]
Acquisitions
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Perspective
Notable acquisitions by Tech Mahindra include:
| Year | Company | Country | Industry | Acquisition cost |
|---|---|---|---|---|
| 2005 | Axes Technologies[33] | United States | Telecom engineering | $54 million |
| 2007 | iPolicy Networks[34] | United States | Network security | Undisclosed |
| 2009-13 | Satyam Computer Services[35] | India | IT services | $1.75 billion |
| 2012 | Hutchinson Global Services[36] | United States | Business process outsourcing | $87 million |
| 2012 | Comviva[37] | India | Telecom VAS | $48 million |
| 2014 | Lightbridge Communications Corporation (LCC)[38] | United States | Telecom network services | $240 million |
| 2015 | SOFGEN Holdings[39] | Switzerland | Banking technology consulting | Undisclosed |
| 2015 | Pininfarina[40] | Italy | Automotive design engineering | €168 million |
| 2016 | Target Group[41] | United Kingdom | Business process outsourcing | £120 million |
| 2016 | The Bio Agency[42] | United Kingdom | Digital consulting | £45 million |
| 2017 | HCI Group (CJS Solutions Group)[43] | United States | Healthcare technology | $89.5 million |
| 2019 | BORN Group[44] | United States | Content agency | $90 million |
| 2020 | Zen3 Infosolutions[45] | United States | Enterprise software | $64 million |
| 2020 | Tenzing Group[46] | New Zealand | Management consulting | $29.5 million |
| 2021 | Perigord[47] | Ireland | Digital services | €21 million |
| 2021 | DigitalOnUs[48] | United States | Cloud and DevOps services | $120 million |
| 2021 | Eventus Solutions Group[49] | United States | CX consulting | $44 million |
| 2021 | Brainscale[50] | United States | Cloud consulting | $28.8 million |
| 2021 | Lodestone (Infostar)[51] | United States | Product engineering | $105 million |
| 2021 | Activus Connect[52] | United States | CX technology | $62 million |
| 2021 | Allyis Group[53] | United States | IT consulting | $125 million |
| 2022 | Com Tec Co (CTC)[54] | Cyprus | IT consulting | €310 million |
| 2022 | Thirdware[55] | India | Enterprise software | $42 million |
Locations
Tech Mahindra has offices in around 50 countries.[56]
See also
References
External links
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