Tech Mahindra

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Tech Mahindra
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 $3.1 billion (combined revenue of Mahindra Satyam and Tech Mahindra) (2013)[2]
Net income Increase $498 million (2012)[2]
Employees 89,500 (2014)[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. Anand Mahindra is the founder of Tech Mahindra. 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] 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.[9] 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 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.[10] 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."

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.[11][12][13] The two firms had received the go-ahead for merger from the Bombay Stock Exchange and the National Stock Exchange.[14] 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.[15][16][17][18] 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.[19][20][21] 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.[22][23] 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.[24] Mahindra Satyam (Satyam Computer Services), was suspended from trading with effect from July 4, 2013, following its merger with Tech Mahindra .[25] Tech Mahindra completed share swap and allocated its shares to the shareholders of Satyam Computer Services on July 12, 2013.[26] 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.[27][28][29]

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
  • 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 has become first European test lab of Tech Mahindra.[30]
  • 2013 - On June 25, 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.[31]

Tech Mahindra offices[edit]

Tech Mahindra has offices in more than 30 countries.[32][33]

.[34]

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. ^ "1:8.5 swap for Tech Mahindra, Mahindra Satyam merger". The Hindu (Chennai, India). June 25, 2013. 
  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 revenue up 3%". The Times Of India. Retrieved 24 May 2012. 
  10. ^ Tech Mahindra wins Satyam bid
  11. ^ "Mahindra Satyam's merger with Tech Mahindra next year". The Times Of India. 10 November 2011. [dead link]
  12. ^ Rising wages can harm Indian IT companies: Vineet Nayyar, Vice-Chairman, Tech Mahindra
  13. ^ /Tech Mahindra, Satyam get nod to merge
  14. ^ Mahindra Satyam-TechM to take 150 top leaders to Bangkok
  15. ^ "Mahindra Satyam, Tech Mahindra merger gets AP High Court's nod - The Times of India". The Times Of India. 
  16. ^ "Andhra Pradesh High Court clears merger of Mahindra Satyam with Tech Mahindra". The Times Of India. June 11, 2013. 
  17. ^ "Mahindra Satyam waits for Court order for merger". The Hindu (Chennai, India). May 17, 2013. 
  18. ^ http://www.deccanchronicle.com/130612/news-businesstech/article/decks-cleared-end-satyam
  19. ^ http://indiatoday.intoday.in/story/m-satyam-tech-mahindra-hope-to-merge-in-four-weeks/1/279629.html
  20. ^ http://www.moneycontrol.com/news/business/will-complete-tech-mah-satyam-merger8-weeks-nayyar-_896218.html
  21. ^ "MSat-Tech Mahindra merger gets court nod". The Hindu (Chennai, India). June 11, 2013. 
  22. ^ http://zeenews.india.com/business/news/companies/mahindra-satyam-merges-with-tech-mahindra_78656.html
  23. ^ http://www.moneycontrol.com/news/business/tech-mahindra-satyam-computer-complete-merger_905059.html
  24. ^ http://www.deccanchronicle.com/130626/news-businesstech/article/satyam-history-mahindra-group-merges-satyam-tech-mahindra
  25. ^ http://www.moneycontrol.com/news/market-news/tradingmahindra-satyam-to-be-suspendedjuly-4_908200.html
  26. ^ http://www.business-standard.com/article/companies/satyam-is-no-more-to-live-on-as-part-of-tech-mahindra-113071400336_1.html
  27. ^ http://www.rediff.com/business/report/tech-mahindra-completes-share-swap-issued-capital-goes-up/20130712.htm
  28. ^ "Tech Mahindra completes share swap - The Times of India". The Times Of India. 
  29. ^ http://www.business-standard.com/article/companies/tech-mahindra-q1-net-up-27-y-o-y-113081200500_1.html
  30. ^ "Tech Mahindra acquires Sweden-based Type Approval Lab". The Economics Times. Retrieved 2012-04-24. 
  31. ^ http://www.business-standard.com/article/companies/tech-mahindra-goes-for-growth-by-acquisition-113101500020_1.html
  32. ^ "Tech Mahindra > Location Details > Computers - Software > Location Details of Tech Mahindra - BSE: 532755, NSE: TECHM". Moneycontrol.com. Retrieved 2012-10-01. 
  33. ^ "Tech Mahindra Limited Office Photos". Glassdoor. Retrieved 2012-10-01. 
  34. ^ "Contact Details & offices are in Asia, Africa, America, Europe & Australia". Tech Mahindra. Retrieved 2012-10-01. 

External links[edit]