Tech Mahindra

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Tech Mahindra Limited
Type Public
Traded as BSE532755
NSETECHM
BSE SENSEX Constituent
CNX Nifty Constituent
Industry IT services, IT consulting
Founded 1986
Headquarters Mumbai, India[1]
Key people Anand Mahindra (Chairman & Founder)
Vineet Nayyar (VC)
CP Gurnani (CEO & MD)
Services IT, business consulting and outsourcing services
Revenue Increase $2.7 billion (combined revenue of Mahindra Satyam and Tech Mahindra) (2013)[2]
Net income Increase $129 million (2012)[2]
Employees 83,000 (2013)[2]
Parent Mahindra Group
Website www.techmahindra.com

Tech Mahindra Limited is an Indian multinational provider of information technology (IT), networking technology solutions and business support services (BPO) to the telecommunications industry.[3] Tech Mahindra is a part of the Mahindra Group conglomerate. It is headquartered at Mumbai, India.

Tech Mahindra was ranked #5 in India's software services firms and overall #111 in Fortune India 500 list for 2012.[4]

Tech Mahindra, on June 25, 2013 announced the completion of a merger with Mahindra Satyam.[5] The combined entity has 83,000 employees, servicing 540 customers across 49 countries. It has 15 overseas offices for BPO (business process outsourcing) operations and software development. Its revenue for 2012-13 was put at $2.7 billion (Rs. 162 billion).[6][7][8]

History[edit]

  • 1982 - Incorporation in India
  • 1993 - Incorporation of MBT International Inc., the first overseas subsidiary
  • 1994 - Awarded the ISO 9009 certification by BVQI[citation needed]
  • 1995 - Established the 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 a hugely successful 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 M Foundation to address the needs of the underprivileged in our society.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, the other player in the fray, which bid at Rs 45.90. Rebrands the company to Mahindra Satyam.
  • 2012 - Tech Mahindra acquires Hutchison Global Services for $87.1 million
  • 2012 - Tech Mahindra buys 51% stake in Comviva
  • 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 has become first European test lab of Tech Mahindra.[9]
  • 2010 - On June 24, Tech Mahindra and Mahindra Satyam merging process completed and the name of the parent company was retained for the merged entity with a new logo and motto.[10]

Tech Mahindra offices[edit]

Tech Mahindra has offices in more than 30 countries.[11][12]

Tech Mahindra has its BPO presence in Kolkata, Chennai, Chandigarh, Pune, and Noida. It also has overseas office locations in Belfast and Newcastle.[14]

Tech Mahindra has operations in more than 30 countries with 17 sales offices and 13 delivery centres. Assessed at SEI CMMi Level 5, Tech Mahindra employs over 42,000 workers.The total headcount of the company at the end of December 31, 2011 stood at 42,746 out of which software professional headcount stood at 25,218, BPO at 16,419 and support staff at 1,109.

May 2012, Tech Mahindra reported a 3% increase in its revenue for the year ended March 31, to $1.15 Billion.[15] Its activities spread across a broad spectrum, including Business Support Systems (BSS), Operations Support Systems (OSS), Network Design & Engineering, Next Generation Networks, Mobility Solutions, Security consulting and Testing. The "solutions portfolio" includes Consulting, Application Development & Management, Network Services, Solution Integration, Product Engineering, Infrastructure Managed Services, Remote Infrastructure Management and BSG (comprises BPO, Services and Consulting).Tech Mahindra has implemented more than 15 Greenfield Operations globally and has over 128 active customer engagements mostly in the Telecom sector. The company has been involved in about 8 transformation programs of incumbent telecom operators. With an array of service offerings for TSPs, TEMs and ISVs, Tech Mahindra serves:[citation needed]

Acquisition of Satyam Computer Services Ltd.[edit]

After the Satyam Episode 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.[16] 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 in Satyam sell-off, a company probably two times its size in number of people. This was one of the big deals that Tech Mahindra played. a controlling stake in the Company, subject to the approval of the Hon'ble Company Law Board." Through a subsidiary, it has emerged victorious in Satyam sell-off, a company probably two times its size in number of people. This was one of the big deals that Tech Mahindra played.

Merger with Mahindra Satyam[edit]

Mahindra Group V-C Anand Mahindra

Tech Mahindra announced its merger with Mahindra Satyam on March 21, 2012,after the board of two companies gave the approval,to build a 2.5-billion $ IT Company in India.[17][18][19] The two firms had received the go-ahead for merger from the Bombay Stock Exchange and the National Stock Exchange.[20] On June 11, 2013,Andhra Pradesh High Court gave its approval for the merger of Mahindra Satyam with Tech Mahindra,after Bombay high court already gave its approval.[21][22][23][24] Vineet Nayyar said that technical approvals from the Registrar of Companies(RoC) in Andhra Pradesh and Maharashtra are required which will be done in two to four weeks,and within 8 weeks,new merged entity will be in place,a new organisation chart would also come into force led by Anand Mahindra as Chairman, Vineet Nayyar as Vice Chairman and C. P. Gurnani as the CEO and Managing Director.[25][26][27] On June 25, 2013,Tech Mahindra announced completion of Mahindra Satyam's merger with itself to create nation's fifth largest software services company with a turnover of USD 2.7 billion.[28][29] Tech Mahindra got the approval from the registrar of companies for the merger late in the night 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, which was approved by both the boards.[30] Mahindra Satyam (Satyam Computer Services), was suspended from trading with effect from July 4, 2013, following its merger with Tech Mahindra .[31] Tech Mahindra completed share swap and allocated its shares to the shareholders of Satyam Computer Services on July 12, 2013.[32] 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.[33][34][35]

See also[edit]

References[edit]

  1. ^ Satyam is history: Mahindra Group merges Satyam with Tech Mahindra
  2. ^ a b c "Fast Facts of Tech Mahindra". Tech Mahindra. 
  3. ^ "Tech Mahindra's bid price for Satyam was expected: JR Varma - CNBC-TV18". Moneycontrol.com. Retrieved 2012-10-01. 
  4. ^ "Ranking of Top 500 Companies". 
  5. ^ http://www.thehindu.com/business/Industry/185-swap-for-tech-mahindra-mahindra-satyam-merger/article4849296.ece
  6. ^ http://www.thehindubusinessline.com/industry-and-economy/info-tech/satyam-is-history-merger-with-tech-mahindra-complete/article4848975.ece
  7. ^ http://www.hindustantimes.com/business-news/CorporateNews/Tech-Mahindra-formally-swallows-Satyam-label/Article1-1082364.aspx
  8. ^ http://www.thehindubusinessline.com/industry-and-economy/info-tech/there-was-a-risk-element-attached-to-the-mahindra-satyam-name/article4850354.ece
  9. ^ "Tech Mahindra acquires Sweden-based Type Approval Lab". The Economics Times. Retrieved 2012-04-24. 
  10. ^ http://www.business-standard.com/article/companies/tech-mahindra-goes-for-growth-by-acquisition-113101500020_1.html
  11. ^ "Tech Mahindra > Location Details > Computers - Software > Location Details of Tech Mahindra - BSE: 532755, NSE: TECHM". Moneycontrol.com. Retrieved 2012-10-01. 
  12. ^ "Tech Mahindra Limited Office Photos". Glassdoor. Retrieved 2012-10-01. 
  13. ^ "Contact Details & offices are in Asia, Africa, America, Europe & Australia". Tech Mahindra. Retrieved 2012-10-01. 
  14. ^ http://www.sourcingline.com/resources/tech-mahindra-opens-new-office-in-chandigarh-india
  15. ^ "Tech Mahindra revenue up 3%". Retrieved 24 May 2012. 
  16. ^ Tech Mahindra wins Satyam bid
  17. ^ "Mahindra Satyam's merger with Tech Mahindra next year". The Times Of India. 10 November 2011. 
  18. ^ Rising wages can harm Indian IT companies: Vineet Nayyar, Vice-Chairman, Tech Mahindra
  19. ^ /Tech Mahindra, Satyam get nod to merge
  20. ^ Mahindra Satyam-TechM to take 150 top leaders to Bangkok
  21. ^ http://articles.timesofindia.indiatimes.com/2013-06-11/software-services/39898413_1_mahindra-satyam-tech-mahindra-merger
  22. ^ http://economictimes.indiatimes.com/tech/ites/andhra-pradesh-high-court-clears-merger-of-mahindra-satyam-with-tech-mahindra/articleshow/20538518.cms
  23. ^ http://www.thehindu.com/todays-paper/tp-national/tp-andhrapradesh/mahindra-satyam-waits-for-court-order-for-merger/article4722955.ece
  24. ^ http://www.deccanchronicle.com/130612/news-businesstech/article/decks-cleared-end-satyam
  25. ^ http://indiatoday.intoday.in/story/m-satyam-tech-mahindra-hope-to-merge-in-four-weeks/1/279629.html
  26. ^ http://www.moneycontrol.com/news/business/will-complete-tech-mah-satyam-merger8-weeks-nayyar-_896218.html
  27. ^ http://www.thehindu.com/business/Industry/high-court-clears-merger-of-mahindra-satyam-with-tech-mahindra/article4803837.ece
  28. ^ http://zeenews.india.com/business/news/companies/mahindra-satyam-merges-with-tech-mahindra_78656.html
  29. ^ http://www.moneycontrol.com/news/business/tech-mahindra-satyam-computer-complete-merger_905059.html
  30. ^ http://www.deccanchronicle.com/130626/news-businesstech/article/satyam-history-mahindra-group-merges-satyam-tech-mahindra
  31. ^ http://www.moneycontrol.com/news/market-news/tradingmahindra-satyam-to-be-suspendedjuly-4_908200.html
  32. ^ http://www.business-standard.com/article/companies/satyam-is-no-more-to-live-on-as-part-of-tech-mahindra-113071400336_1.html
  33. ^ http://www.rediff.com/business/report/tech-mahindra-completes-share-swap-issued-capital-goes-up/20130712.htm
  34. ^ http://timesofindia.indiatimes.com/business/india-business/Tech-Mahindra-completes-share-swap/articleshow/21044763.cms
  35. ^ http://www.business-standard.com/article/companies/tech-mahindra-q1-net-up-27-y-o-y-113081200500_1.html

External links[edit]