Mahindra Satyam
 | |
| Company type | Public BSE: 500376 Template:SAYCY.PK ADR |
|---|---|
| Industry | IT Services IT consulting Software services |
| Founded | 1987 |
| Headquarters | , |
Key people | Vineet Nayyar (Chairman) C.P. Gurnani (CEO) A. S. Murty (CTO) |
| Revenue |  ₹5,481.0 crore (US$660 million) (2009-10) [2] |
| NA | |
 ₹124.6 crore (US$15 million) (2009-10) | |
| Owner | Mahindra Group |
| Website | MahindraSatyam.net |
Mahindra Satyam (BSE: 500376, NYSE: SAY) (Telugu: మహీంద్రా సత్యం - Kannada:ಮಹೀಂದ್ರ ಸತ್ಯಂ is a Brand identity of Satyam Computer Services Limited. Satyam Computer Services Limited was founded in 1987 by B Ramalinga Raju. The company offers consulting and information technology (IT) services spanning various sectors, and is listed on the New York Stock Exchange, the National Stock Exchange (India) and Bombay Stock Exchange (India). In June 2009, the company unveiled its new brand identity “Mahindra Satyam” subsequent to its takeover by the Mahindra Group’s IT arm, Tech Mahindra.
Industry Presence
Mahindra Satyam provides services in the following areas:
- Aerospace and Defence
- Banking, Financial Services & Insurance
- Energy and Utilities
- Life Sciences & Healthcare
- Manufacturing, Chemicals & Automotive
- Public Services & Education
- Retail
- Consumer Packaged Goods
- Travel, Transport, Logistics
- Telecom, Infrastructure, Media and Entertainment & Semiconducters
Competencies
Mahindra Satyam offers the following ‘horizontal’ services.
- Extended Enterprise Solutions
- Web Commerce Solutions
- Business Intelligence Services
- Quality Consulting
- Strategic Outsourcing Services
- Industry Native Solutions
- BPO
- Engineering Services
Partnerships
Feb 11, 2010, Mahindra Satyam, announced that it has entered into a partnership with the Integr8 Group, Africa’s largest privately owned ICT service and solutions provider.[3]
Controversies
Maytas acquisition
In 2008, Satyam attempted to acquire Maytas Infrastructure and Maytas Properties, founded by family relations of company founder Ramalinga Raju (Maytas is "Satyam" backwards) for $1.6 billion, despite concerns raised by independent board directors.[4] Both companies are owned by Raju's sons. This eventually led to a review of the deal by the government,[5] a veiled criticism by the vice president of India[6] and Satyam's clients re-evaluating their relationship with the company.[7] Satyam's investors lost about INR 3,400 crore in the related panic selling. The USD $1.6 billion (INR 8,000 crore) acquisition was met with skepticism as Satyam's shares fell 55% on the New York Stock Exchange.[8] Three members of the board of directors resigned on 29 December 2008.[9]
Accounting scandal of 2009
In addition to other controversies involving Satyam, on January 7, 2009, Chairman Raju resigned after publicly announcing his involvement in a massive accounting fraud. Ramalinga Raju is currently in a Hyderabad prison along with his brother and former board member Rama Raju, and the former C.F.O Vadlamani Srinivas.
External links
- ^ "Mahindra Satyam Offices". Mahindrasatyam.com. Retrieved 2010-09-07.
- ^ "Mahindra Satyam notifies its Audited Financial results for FY 2009 and FY 2010".
{{cite web}}: Cite has empty unknown parameter:|1=(help) - ^ "Mahindra Satyam partners with Integr8 for expansion in South Africa". Retrieved 18 February 2010.
- ^ The Hindu Business Line - ‘Satyam’s independent directors had raised concerns over the deal’ Friday, December 19, 2008
- ^ Centre refers Satyam deal to ROC - (20 December 2008, 0021 hrs IST, PTI) Hyderabad-Cities-The Times of India
- ^ The Hindu : Business : Plain-speak by Hamid Ansari on governance - (Sunday, December 21, 2008)
- ^ Satyam clients likely to re-evaluate contracts - Bibhu Ranjan Mishra / Bangalore December 18, 2008, 0:45 IST - Business Standard
- ^ Satyam investors lose Rs 3300 cr in a day - Press Trust of India (Wednesday, December 17, 2008) (Mumbai) NDTV Convergence Limited
- ^ Fourth independent director M Rao resigns from Satyam - (December 29, 2008, 1812 hrs IST, AGENCIES) Software-Infotech-The Economic Times
References
- Mahindra Satyam repositioned as an ICT firm
- Are there more Satyam's in making?
- BusinessWeek profile
- The rise and fall of Satyam
- Raju's Statement - Scanned Copy - "Satyam CEO's Letter to its board of directors" - Hyderabad, India, January 7, 2009
| Divisions and subsidiaries |
|  | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| People | ||||||||||||||||||
| Philanthropy | ||||||||||||||||||
| Institutions | ||||||||||||||||||
