Mindtree

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Mindtree Ltd.
Type Public
Traded as BSE532819; NSEMINDTREE
Industry IT,PES(Product Engineering Services)
Founded 18 August 1999
Headquarters Bangalore, India
Key people Subroto Bagchi(Chairman)
Krishnakumar Natarajan(CEO)
Rostow Ravanan (CFO)
Revenue Increase$ 501.5 million USD (2014) [1]
Employees Increase12,926 (Mar 2014)[2]
Website www.mindtree.com

Mindtree is an Indian information technology company headquartered in Bangalore, India, and a corporate office in New Jersey, USA. Founded in 1999, the company employs over 13,000 employees with annual revenue of $500+ million.[3] Mindtree serves over 220 clients worldwide which includes forty Fortune 500 enterprises.[4]

History[edit]

In August 1999, Mindtree was founded by ten IT professionals, who formerly worked for Cambridge Technology Partners, Lucent Technologies, and Wipro.[5] Mindtree was funded by venture capital firms, such as Walden International and Sivan Securities and later in 2001 from the Capital Group and Franklin Templeton.[6]

Mindtree went public on 12 December 2006 and was listed on Bombay Stock Exchange and National Stock Exchange. The IPO opened on 9 February 2007 and closed on 14 February 2007.[7] The IPO was oversubscribed more than 100 times.[8] Subroto Bagchi, co-founder and chairman, has written about its history.[9]

Mindtree’s business is structured around clients in key verticals such as Key Accounts Group, BFSI (Banking and Financial Services), Manufacturing, Retail, TTH (Travel,Transportation and Hospitality), Hitech. The company has business analysts, technology experts and services specialists engineering for clients across these verticals.[10]

Mindtree announced a new brand identity with the unveiling of its mission, values, and logo, which includes the new tagline "Welcome to possible" on September 28, 2012. The rebranding initiative was fronted by Siegel + Gale, a brand strategy, customer experience and design consultancy.[11]

Global presence[edit]

The company has 28 offices located across United States, Netherlands, Sweden, UK, Germany, France, Switzerland, Belgium, Australia, Singapore, China, UAE and India.[12] Mindtree setup its first U.S. delivery center (USDC) in Gainesville, Florida, under the leadership of Scott Staples, co-founder and Global Head of Sales.[13]

Services[edit]

The core services of the company are in the areas of Agile software development, Digital, Analytics, Testing, Infrastructure Management and SAP. It provides services such as Application Maintenance Services, Business Intelligence, Mainframe, Infrastructure Management and Technical Support, etc. The company caters services to industries like capital market, banking and financial services, Insurance, manufacturing, Retail and Travel and transport. MindTree provides various Research and Development services such as IP-led services, bluetooth, semiconductor and hardware engineering, software engineering and testing.[14]

Acquisitions[edit]

Company name Year Business
ASAP Solutions[15] 2004 SAP implementation
Linc Software Services Pvt Ltd[16] 2005 Application development and maintenance domains for mid-range systems
CoSystems (Indian division) 2005 Telecom
TES-Purple Vision[17] 2007 Electronics(IC Design). Subsidiary of TES Electronic Solutions SA.
Aztecsoft[18] 2008 Product engineering and testing services company. Aztecsoft acquired Disha Technologies a testing company in 2004
Kyocera Wireless India Pvt Ltd[19] 2009 Wireless services
7Strata[20] 2010 Remote infrastructure management services

Business responsibility[edit]

Mindtree Foundation is a unit of Mindtree that works in the pursuit of better living for people with disabilities and enhancement in the quality of primary education.[21] Mindtree Foundation was incorporated on 20 November 2007 under section 25 of Companies Act.

Mindtree’s employees, assistive technologies and associations with NGOs help to provide:[22]

  • Launched 'I Got Garbage' ,a cloud-based platform aimed to simplify waste management and transform every waste picker in Bangalore, India into an entrepreneur through a structured and governed waste management framework.[23]
  • Education to underprivileged children with a special emphasis on people with disability
  • Relief of poverty by way of assistance to food, shelter and clothing
  • Relief of distress caused by natural calamities of nature

Mindtree Foundation is associated with:[24]

  • Missionaries of Charity (M.O.C.)
  • Gandhiji Shanti Nivas Leprosy Rehabilitation Centre
  • Sparsh Foundation
  • Spastics Society of Karnataka (SSK)
  • Sikshana Educational Development program for
  • Rural Government School Children
  • AMBA Centers for Economic Empowerment of the Intellect

Awards and recognition[edit]

  • Mindtree was ranked #1 under the categories "Best Managed IT/Software/Technology Company in Asia" and the "Best Managed Company in India" for 2013 by Euromoney’s Annual Asia Company Ranking.[25]
  • Mindtree wins the "Most Promising Company of the Year" Award from CNBC TV18.[26]
  • Mindtree has been selected by Microsoft as a Windows Azure Circle Partner. This elite program is reserved for Microsoft’s partners who have achieved success in delivering Windows Azure based solutions.[27]
  • Selected by WASL procurement team as "Best Supplier in the IT- Software services Category" in December 2012.[28]
  • Selected by Forbes Asia as one of the "200 Best Under A Billion companies" of 2012.[29]
  • Positioned as the third leading semiconductor R&D service provider in a survey conducted by Zinnov Management Consulting that covered India, China, Russia and Eastern Europe.[30]
  • Ranked among the top five global R&D services providers in "Global R&D Services Providers 2012" by Zinnov Consulting.[31]
  • Named among the top ten providers of outsourcing/IT integration services to the consumer goods industry in Consumer Goods Technology’s (CGT) 2011 Readers’ Choice Survey.[32]
  • Texas Instruments 2008 Supplier Excellence Award – the first Indian company to win this award.[33]
  • Institute of Company Secretaries of India (ICSI) National Award for Excellence in Corporate Governance, 2008.[34]
  • IBM Beacon Award 2008 for Overall Technical Excellence in Sales and Distribution – Asia Pacific.[35]
  • NASSCOM Innovation Award 2007 for knowledge management.[36]
  • Among the "Best Companies to Work for in 2005" in a Business Today-Mercer-TNS study.[37]
  • Among "Great Places to Work" for the second consecutive year in 2005 in a study conducted by Grow Talent Company and Business World.[38]
  • As one of the "Best Employers in India" for the second consecutive year in 2004 by Hewitt Associates.[39]
  • Youngest company to earn CRMM Level 3 certification.
  • Second in the Business Today—Mercer "Best Company to work for in India" for the second consecutive year in 2007.[40]

See also[edit]

References[edit]

  1. ^ "mindtree revenue". 
  2. ^ "mindtree employee strength". 
  3. ^ "mindtree factsheets". 
  4. ^ "Mindtree Reports Revenue Growth of 5.4% Q-o-Q and 15.6% Y-o-Y in Dollar Terms". 
  5. ^ "Mindtree history". 
  6. ^ "Mindtree history - Funding". 
  7. ^ "MindTree Consulting IPO to open on Feb 9". Economic Times. 6 February 2007. 
  8. ^ MindTree IPO subscribed 103 times 
  9. ^ Making of Mindtree 
  10. ^ Mindtree’s client focus 
  11. ^ MindTree Logo 
  12. ^ Mindtree's global offices 
  13. ^ Mindtree’s first U.S. delivery center 
  14. ^ Mindtree’s global presence 
  15. ^ Mindtree acquires ASAP Solutions 
  16. ^ Mindtree acquires Linc Software Services Pvt Ltd 
  17. ^ Mindtree acquires TES-Purple Vision 
  18. ^ Mindtree acquires Aztecsoft 
  19. ^ Mindtree acquires Kyocera Wireless India Pvt Ltd 
  20. ^ Mindtree acquires 7Strata 
  21. ^ Mindtree Foundation 
  22. ^ Mindtree Foundation contribution 
  23. ^ I Got Garbage 
  24. ^ Mindtree Foundation associates 
  25. ^ Mindtree Ranked #1 by Euromoney in the ‘Best Managed Company for 2013’ under Two Award Categories 
  26. ^ Mindtree Wins the 'Most Promising Company of the Year' Award From CNBC TV18 
  27. ^ Microsoft Selects Mindtree As Windows Azure Circle Partner 
  28. ^ Awards & achievements 
  29. ^ Awards & achievements 
  30. ^ Awards & achievements 
  31. ^ Awards & achievements 
  32. ^ Awards & achievements 
  33. ^ IT award for Mindtree 
  34. ^ Corporate governance awards for Mindtree 
  35. ^ IBM Beacon 2008 Awards 
  36. ^ Mindtree clinches Nasscom Innovation Award 2007 
  37. ^ Mindtree Best Companies to Work for in 2005 in a Business Today-Mercer-TNS study 
  38. ^ Mindtree - Best places to work 
  39. ^ Mindtree - Best places to work 
  40. ^ Best Companies to work for in India 

External links[edit]