Mindtree

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Mindtree
Public
Traded asBSE532819; NSEMINDTREE
IndustryIT services, IT consulting
Founded18 August 1999
FounderSubroto Bagchi
Ashok Soota
Namakal Parthasarathy
Krishnakumar Natarajan Scott Staples
HeadquartersBengaluru, India
Area served
Worldwide
Key people
Subroto Bagchi (Non-executive director)
Krishnakumar Natarajan (Chairman)[1]
Rostow Ravanan (CEO)[2]
ServicesIT, business consulting and outsourcing services
RevenueUS$846.8 Million (FY 2017–18)[3]
US$107 Million (FY 2015–16)[4]
US$62 Million (FY 2016–17)[5]
Number of employees
19,000 (FY 2017–18)[6]
Websitewww.mindtree.com

Mindtree Limited is a multinational information technology and outsourcing company headquartered in Bengaluru, India and New Jersey, USA. Founded in 1999, the company employs approximately 19,000 employees with annual revenue of $846 million.[7][8] The company deals in e-commerce, mobile applications, cloud computing, digital transformation, data analytics, enterprise application integration and enterprise resource planning, with more than 339 active clients and 43 offices in over 17 countries, as of 31 July 2018.[9] Its largest operations are in India and major markets are United States and Europe.

History[edit]

In August 1999, Mindtree Consulting Private Limited was founded by ten IT professionals of which three of them invested through an entity incorporated in Mauritius.[10] It was funded by the venture capital firms Walden International and Sivan Securities, and later in 2001 from the Capital Group and Franklin Templeton.[11] It became a public company on 12 December 2006 and was listed on the Bombay Stock Exchange and National Stock Exchange. The IPO opened on 9 February 2007 and closed on 14 February 2007.[12] The IPO was oversubscribed more than 100 times.[13] Mindtree announced a new brand identity and logo, with the slogan "Welcome to possible" on September 28, 2012.[14]

As of 2017, the company had 43 offices in over 17 countries.[15] In 2012, 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.[16]

Digital Pumpkin, the company's research and development lab, has locations in Bengaluru, India[17] and Warren, New Jersey, USA.[18]

Services[edit]

Mindtree Chennai at Ramanujan IT City Sez

The company works in Application Development and Maintenance, Data Analytics, Digital Services, Enterprise Application Integration and Business Process Management, Engineering R&D, Enterprise Application Services, Testing, and Infrastructure Management Services.[19]

Mindtree provides various research and development services including Bluetooth Solutions, Digital Video Surveillance, an integrated test methodology called MindTest, an IT infrastructure management and service platform called MWatch, the application management service, Atlas, SAP Insurance and OmniChannel.

Mindtree’s business is structured around clients in verticals such as Banking, Capital Markets, Consumer Devices & Electronics, Consumer Packed Goods, Independent Software Vendors, Manufacturing, Insurance, Media & Entertainment, Retail, Semiconductors and the Travel and Hospitality industry.[20]

Employees[edit]

Mindtree has a total of 19,000 employees as of August 2018, of which 30% were women. Its workforce consists of employees representing 55 nationalities working from various offices across the globe. Out of its total workforce, 93% are software professionals and remaining 7% work for support and sales.[8]

Acquisitions[edit]

Name Acquisition date Activities Country of HQ Price Employees
(at acquisition)
Reference
ASAP Solutions 2004 SAP & ERP India & United States NA 120 [21]
Linc Software Services Pvt Ltd 2005 Application development and Maintenance domains for Mid-Range Systems India $7 million 220 [22]
CoSystems 2005 Telecom (Captive Development Center – Indian division) United States 10 million 20 [23]
TES-Purple Vision 2007 Electronics(IC Design). Indian Division. Subsidiary of TES Electronic Solutions SA. France $6.55 million 150 [24][25]
Aztecsoft 2008 Product engineering and Testing services company. Aztecsoft had previously acquired Disha Technologies, a testing company, in 2004. India 40 million 2200 [26][27]
Kyocera Wireless India Pvt Ltd 2009 Wireless services. Indian R&D Division Japan $6 million 600 [28][29]
7Strata 2010 Remote infrastructure management services India 7.2 million 90 [30][31]
Discoverture Solutions LLC Jan 2015 Property and Casualty Insurance United States $15 million 300 [32]
Bluefin Solutions Limited July 2015 IT solutions, SAP HANA solutions United Kingdom £42.3 million [33]
Relational Solutions Inc July 2015 IT solutions — CPG United States $10 million [33]
Magnet 360 Jan 2016 Salesforce consulting USA $50 million 100 [34]

Subsidiaries[edit]

Name Location
Mindtree Software (Shanghai) Co. Ltd[35] People's Republic of China
Bluefin Solutions Limited United Kingdom
Bluefin Solutions Inc. United States
Bluefin Solutions Sdn Bhd Malaysia
Bluefin Solutions Pte Ltd Singapore

Philanthropy[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.[35] 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:[36]

  • Launched 'Udaan' ,a scholarship program to support the medical education of underprivileged students in association with Narayana Hrudayalaya Charitable Trust.[37]
  • 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.[38]
  • Individual Social Responsibility – Employees join the cause of donation of old clothes/toys/books, distribution of solar lanterns, caring for the elderly, cleaning up the city, blood and organ donation.[39]

Awards and recognition[edit]

  • Mindtree has won the ‘2016 New Jersey Corporate Culture Award’ by Smart CEO’s[who?] for its successful cultural practices.[40]
  • Mindtree has been ranked in the NASSCOM Top 20 IT-BPM Employers in India FY2016 list.[41]
  • Mindtree recognized as a Leader in IAOP’s 2016 Global Outsourcing 100 for global excellence.[42]
  • 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.[43]
  • 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.[citation needed]

See also[edit]

References[edit]

  1. ^ "Mindtree Leadership". Archived from the original on 19 January 2016. Retrieved 18 January 2016.
  2. ^ "Rostow Ravanan - CEO, Managing Director Mindtree". Archived from the original on 13 January 2018. Retrieved 12 January 2018.
  3. ^ "Mindtree Revenue" (PDF). Archived (PDF) from the original on 20 April 2018. Retrieved 19 April 2018.
  4. ^ "mindtree Operating Income" (PDF). Archived (PDF) from the original on 30 May 2016. Retrieved 18 April 2016.
  5. ^ "Mindtree profit" (PDF).
  6. ^ "Employee Metrics". TheHindu.
  7. ^ "Q4 beats estimates; revenues grew 11.2% QoQ". www.mindtree.com. Archived from the original on 17 August 2017. Retrieved 26 April 2017.
  8. ^ a b "Employee Metrics" (PDF). Archived (PDF) from the original on 20 April 2018.
  9. ^ "Mindtree Blog". Mindtree. Archived from the original on 20 January 2018.
  10. ^ "History of Incorporation". Economic Times. Archived from the original on 1 December 2013. Retrieved 6 December 2013.
  11. ^ "Mindtree history – Funding". Archived from the original on 1 December 2013. Retrieved 6 December 2013.
  12. ^ "MindTree Consulting IPO to open on Feb 9". The Economic Times. 6 February 2007.
  13. ^ "MindTree IPO subscribed 103 times". Archived from the original on 30 November 2013. Retrieved 6 December 2013.
  14. ^ "MindTree Logo". Archived from the original on 21 May 2014. Retrieved 21 May 2014.
  15. ^ "Mindtree Fact Sheet" (PDF). Archived (PDF) from the original on 17 August 2017. Retrieved 19 June 2017.
  16. ^ "Mindtree's first U.S. delivery center". Archived from the original on 1 December 2013. Retrieved 6 December 2013.
  17. ^ "Mindtree's Digital Pumpkin". Archived from the original on 5 September 2014. Retrieved 5 September 2014.
  18. ^ "Mindtree Opens U.S.-based 'Digital Pumpkin'". www.prnewswire.com. Archived from the original on 5 September 2018. Retrieved 4 September 2018.
  19. ^ "Mindtree's Services". Archived from the original on 22 May 2014. Retrieved 22 May 2014.
  20. ^ "Mindtree's client focus". Archived from the original on 30 November 2013. Retrieved 6 December 2013.
  21. ^ "Mindtree acquires ASAP Solutions". Archived from the original on 4 September 2014. Retrieved 4 September 2014.
  22. ^ "Mindtree acquires Linc Software Services Pvt Ltd". Archived from the original on 16 January 2016. Retrieved 4 September 2014.
  23. ^ "Mindtree acquires Indian Division of CoSystems". Archived from the original on 4 September 2014. Retrieved 4 September 2014.
  24. ^ "Mindtree acquires TES-Purple Vision". Archived from the original on 4 September 2014. Retrieved 4 September 2014.
  25. ^ "Mindtree acquires TES-Purple Vision". Archived from the original on 1 December 2013. Retrieved 6 December 2013.
  26. ^ "Mindtree acquires Aztecsoft". Archived from the original on 4 December 2013. Retrieved 6 December 2013.
  27. ^ "Mindtree acquires Aztecsoft". Archived from the original on 4 September 2014. Retrieved 4 September 2014.
  28. ^ "Mindtree acquires Kyocera Wireless India Pvt Ltd". Archived from the original on 1 December 2013. Retrieved 6 December 2013.
  29. ^ "Mindtree acquires Kyocera Wireless India Pvt Ltd". Archived from the original on 4 September 2014. Retrieved 4 September 2014.
  30. ^ "Mindtree acquires 7Strata". Archived from the original on 11 December 2013. Retrieved 6 December 2013.
  31. ^ "Mindtree acquires 7Strata". Archived from the original on 4 September 2014. Retrieved 4 September 2014.
  32. ^ "Mindtree acquires Discoverture Solutions". Archived from the original on 2 July 2017. Retrieved 19 January 2015.
  33. ^ a b Chandran, Pradeesh (16 July 2015). "Mindtree acquires UK, US based firms for Rs. 482 crore". The Hindu. ISSN 0971-751X. Archived from the original on 16 January 2016. Retrieved 16 July 2015.
  34. ^ "Mindtree to buy Magnet 360 for $50 mn- Business News". www.businesstoday.in. Archived from the original on 19 January 2016. Retrieved 18 January 2016.
  35. ^ "Mindtree Foundation". Archived from the original on 30 November 2013. Retrieved 6 December 2013.
  36. ^ "Mindtree Foundation contribution". Archived from the original on 30 November 2013. Retrieved 6 December 2013.
  37. ^ "Udaan".
  38. ^ "I Got Garbage". Archived from the original on 4 July 2015. Retrieved 24 November 2014.
  39. ^ "Mindtree ISR". Archived from the original on 2 February 2015. Retrieved 9 September 2014.
  40. ^ "2016 New Jersey Corporate Culture Award by Smart CEO". Archived from the original on 2 March 2017. Retrieved 1 March 2017.
  41. ^ "Mindtree has been ranked in the NASSCOM Top 20 IT-BPM Employers in India FY2016 list". Archived from the original on 2 March 2017. Retrieved 1 March 2017.
  42. ^ "Mindtree recognized as a Leader in IAOP's 2016 Global Outsourcing 100 for global excellence". Archived from the original on 27 February 2017. Retrieved 1 March 2017.
  43. ^ "Mindtree Ranked #1 by Euromoney in the 'Best Managed Company for 2013' under Two Award Categories". Archived from the original on 14 July 2014. Retrieved 9 June 2014.