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Mindtree

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Mindtree
Company typePublic
BSE: 532819; NSE: MINDTREE
IndustryIT services, IT consulting
Founded18 August 1999
FounderSubroto Bagchi
Ashok Soota
Namakal Parthasarathy
Krishnakumar Natarajan
Headquarters
Bangalore
,
India
Key people
Subroto Bagchi (Non-executive director)
Krishnakumar Natarajan (Chairman)[1]
ServicesIT, business consulting and outsourcing services
RevenueIncrease ₹4,689.6 crore (US$560 million) (FY 2015–16)[2]
Increase ₹830.4 crore (US$99 million) (FY 2015–16)[3]
Increase ₹603.3 crore (US$72 million) (FY 2015–16)[4]
Number of employees
16,110 (June 2016)[5]
Websitewww.mindtree.com

Mindtree Limited is an Indian multinational information technology and outsourcing company headquartered in Bangalore, India and New Jersey, USA. Founded in 1999, the company employs approximately 16,500+ employees with annual revenue of $700+ million.[6] The company deals in e-commerce, mobile applications, cloud computing, digital transformation, data analytics, EAI and ERP, with more than 290 clients and offices in 14 countries.[7] Its largest operations are in India and major markets are United States and Europe. The company was formed on 18 August 1999 by ten IT professionals, who formerly worked for Cambridge Technology Partners, Lucent Technologies, and Wipro.[8]

History

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.[9] It was funded by the venture capital firms Walden International and Sivan Securities, and later in 2001 from the Capital Group and Franklin Templeton.[10] 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.[11] The IPO was oversubscribed more than 100 times.[12] Mindtree announced a new brand identity and logo, with the slogan "Welcome to possible" on September 28, 2012.[13]

Mindtree Chennai at Ramanujan IT City Sez

As of 2012 the company had 28 offices in 14 countries.[14] 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.[15]

Digital Pumpkin, the company's research and development lab, is at Bengaluru, India[16]

Services

The company specializes in Application Development and Maintenance, Data Analytics, Digital Services, EAI BPM (Enterprise Application Integration and Business Process Management), Engineering R&D, Enterprise Application Services, Independent Testing, Infrastructure Management Services and IT Strategy & Consulting.[17]

Mindtree provides various Research and Development services such as Bluetooth Solutions, Digital Video Surveillance, MindTest(Integrated Test Methodology), MWatch(IT infrastructure management and service platform), Atlas (Application Managed Services), SAP Insurance and OmniChannel.

Mindtree’s business is structured around clients in key verticals such as Banking, Capital Markets, Consumer Devices & Electronics, Consumer Packed Goods, Independent Software Vendors, Manufacturing, Insurance, Media & Entertainment, Retail, Semiconductors and Travel and Hospitality industry.[18]

Employee Metrics

Mindtree has a total of 17,000+ employees as of March 2016, of which 28% were women. Its workforce consists of employees representing 48 nationalities working from various offices across the globe. Out of its total workforce, 94% are software professionals and remaining 6% work for support and sales.[19]

Acquisitions

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

Subsidiaries

Name Location
Mindtree Software (Shanghai) Co. Ltd[34] Republic of China
Discoverture Solutions L.L.C. United States
Bluefin Solutions Limited United Kingdom
Bluefin Solutions Inc. United States
Bluefin Solutions Sdn Bhd Malaysia
Blouvin (Pty) Limited South Africa
Bluefin Solutions Pte Ltd Singapore
Relational Solutions Inc. United States
Magnet 360, LLC United States
Reside, LLC United States
M360 Investments, LLC United States
Numerical Truth, LLC United States

Philanthropy

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. Html//Mindtree 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]
  • 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:[40]

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

Awards and recognition

  • Mindtree named in Forbes India’s first ever Super 50 list based on consistent shareholder returns, sales growth and return on equity.[41]
  • Mindtree named a Leader in Zinnov's Global R&D Service Provider Ratings for the Third Year in a Row in 2014.[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]
  • Mindtree wins the "Most Promising Company of the Year" Award from CNBC TV18 in 2013.[44]
  • Selected by Forbes Asia as one of the "200 Best Under A Billion companies" of 2012.[45]
  • 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.
  • Texas Instruments 2008 Supplier Excellence Award – the first Indian company to win this award.[46]

See also

References

  1. ^ "Mindtree Leadership".
  2. ^ "Mindtree Revenue".
  3. ^ "mindtree Operating Income" (PDF).
  4. ^ "Mindtree profit".
  5. ^ "After slow Q1, Mindtree hopes for faster growth". Business Standard. Retrieved 19 July 2016.
  6. ^ "Mindtree Q4 beats estimates; profit up 3.4%, $ revenue rises 6%". www.moneycontrol.com. Retrieved 18 April 2016.
  7. ^ "Mindtree Reports Revenue Growth of 5.4% Q-o-Q and 15.6% Y-o-Y in Dollar Terms".
  8. ^ "Mindtree history".
  9. ^ "History of Incorporation". Economic Times.
  10. ^ "Mindtree history – Funding".
  11. ^ "MindTree Consulting IPO to open on Feb 9". The Economic Times. 6 February 2007.
  12. ^ "MindTree IPO subscribed 103 times".
  13. ^ "MindTree Logo".
  14. ^ "Mindtree's global offices".
  15. ^ "Mindtree's first U.S. delivery center".
  16. ^ "Mindtree's Digital Pumpkin".
  17. ^ "Mindtree's Services".
  18. ^ "Mindtree's client focus".
  19. ^ "Employee Metrics" (PDF).
  20. ^ "Mindtree acquires ASAP Solutions".
  21. ^ "Mindtree acquires Linc Software Services Pvt Ltd".
  22. ^ "Mindtree acquires Indian Division of CoSystems".
  23. ^ "Mindtree acquires TES-Purple Vision".
  24. ^ "Mindtree acquires TES-Purple Vision".
  25. ^ "Mindtree acquires Aztecsoft".
  26. ^ "Mindtree acquires Aztecsoft".
  27. ^ "Mindtree acquires Kyocera Wireless India Pvt Ltd".
  28. ^ "Mindtree acquires Kyocera Wireless India Pvt Ltd".
  29. ^ "Mindtree acquires 7Strata".
  30. ^ "Mindtree acquires 7Strata".
  31. ^ "Mindtree acquires Discoverture Solutions".
  32. ^ a b Chandran, Pradeesh (16 July 2015). "Mindtree acquires UK, US based firms for Rs. 482 crore". The Hindu. ISSN 0971-751X. Retrieved 16 July 2015.
  33. ^ "Mindtree to buy Magnet 360 for $50 mn- Business News". www.businesstoday.in. Retrieved 18 January 2016.
  34. ^ "Mindtree Shanghai".
  35. ^ "Mindtree Foundation".
  36. ^ "Mindtree Foundation contribution".
  37. ^ "Udaan".
  38. ^ "I Got Garbage".
  39. ^ "Mindtree ISR".
  40. ^ "Mindtree Foundation associates".
  41. ^ "Super 50 Companies 2015 List - Forbes India Magazine". forbesindia.com. Retrieved 23 November 2015.
  42. ^ "Awards & achievements".
  43. ^ "Mindtree Ranked #1 by Euromoney in the 'Best Managed Company for 2013' under Two Award Categories".
  44. ^ "Mindtree Wins the 'Most Promising Company of the Year' Award From CNBC TV18".
  45. ^ "Awards & achievements".
  46. ^ "IT award for Mindtree". Archived from the original on 11 December 2013. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
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