Tech Mahindra

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Tech Mahindra Limited
Public
Traded as
IndustryIT services, IT consulting
Founded24 October 1986; 32 years ago (24 October 1986)
FounderAnand Mahindra
HeadquartersPune, Maharashtra, India[1]
Area served
Worldwide
Key people
Services
RevenueIncrease US$4.99 billion (2018)[3]
Increase US$728 million (2018)[3]
Increase US$588 million (2018)[3]
Total assetsIncrease US$4.67 billion (2018)[3]
Total equityIncrease US$2.79 billion (2018)[3]
Number of employees
121,840 (2018)[4]
ParentMahindra Group
Websitewww.techmahindra.com
Footnotes / references
[3]

Tech Mahindra Limited is an Indian multinational subsidiary of the Mahindra Group, providing information technology (IT) services and business process outsourcing (BPO) to companies in various vertical and horizontal markets. Anand Mahindra is the Chairman of Tech Mahindra, which is headquartered at Pune and has its registered office in Mumbai.

As of January 2018 Tech Mahindra is a US$4.9 billion company[5][6] with over 121,840+ employees across 90 countries.[4] The company was ranked #50 in India's IT firms and overall #111 in Fortune India 500 list for 2012.[7] On 25 June 2013 Tech Mahindra announced the completion of a merger with Mahindra Satyam.[8] Tech Mahindra has 926 active clients as of March 2018.[4]

History[edit]

Foundation[edit]

Mahindra & Mahindra started a joint venture with British Telecom in 1986 as a technology outsourcing firm. British Telecom initially had around 30 percent stake in the Tech Mahindra company. In December 2010, British Telecom sold 5.5 per cent of its stake in Tech Mahindra to Mahindra & Mahindra for Rs 451 crore.[9] In August 2012, British Telecom sold 14.1 per cent of its stake to institutional investors for about Rs 1,395 crore. In December 2012, British Telecom sold its remaining 9.1 per cent (11.6 million shares) shareholding to institutional investors for a total gross cash proceeds of Rs 1,011.4 crores. This sale marked the exit of British Telecom from Tech Mahindra.[10]

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.[11] 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."[12]

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 boards of the two companies gave their approval, to create a 2.5 billion $ IT Company[13][14] The two firms had received the go-ahead for the merger from the Bombay Stock Exchange and the National Stock Exchange.[15] On June 11, 2013, Andhra Pradesh High Court gave its approval for the merger of Mahindra Satyam with Tech Mahindra, after the Bombay high court had already given its approval.[16][17][18][19] Vineet Nayyar said that technical approvals from the Registrar of Companies in Andhra Pradesh and Maharashtra are required which will be done in two to four weeks, and within eight weeks, the new merged entity would be in place. The new organisation would be led by Anand Mahindra as Chairman, Vineet Nayyar as Vice Chairman and C. P. Gurnani as the CEO and Managing Director.[20][21][22] On June 25, 2013, Tech Mahindra announced the completion of its merger with Mahindra Satyam to create the nation's fifth largest software services company with a turnover of US$2.7 billion.[23][24] Tech Mahindra got the approval from the registrar of companies for the merger 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.[25] Mahindra Satyam (Satyam Computer Services), was suspended from trading with effect from July 4, 2013, following the merger.[26] Tech Mahindra completed share swap and allocated its shares to the shareholders of Satyam Computer Services on July 12, 2013.[27] 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.[28][29][30]

Later years[edit]

In 2014, Tech Mahindra acquired Lightbridge Communications Corporation (LCC), the largest independent telecom services company in the world with local presence in over 50 countries. In 2015, Tech Mahindra acquired SOFGEN Holdings, a 450-employee Swiss IT firm serving the financial services industry[31][32] Tech Mahindra purchased a controlling stake in Pininfarina S.p.A., an Italian brand in automotive and industrial design[33] Tech Mahindra announced the launch of its Automation Framework AQT (Automation, Quality, Time)[34] By March 2016, Tech Mahindra's post-tax earnings had surged past that of M&M. Tech Mahindra said it would buy financial technology firm Target Group to boost its platform business process-as-a-service offering in the banking sector[35] In 2017, Tech Mahindra and Midad Holdings, a part of diversified business conglomerate Al Fozan Group today announced the launch of a joint venture, Tech Mahindra Arabia Ltd.[36] On the basis of a global partnership agreement signed, Tech Mahindra will market Huawei's enterprise products and services across 44 countries including India.[37] Tech Mahindra announced that it has signed a definitive agreement to acquire CJS Solutions Group LLC, a US-based healthcare Information Technology consulting company which does business as (DBA) “The HCI Group.”[38] In 2019, Tech Mahindra acquired DynaCommerce BV.[39][40]

Tech Mahindra offices[edit]

Tech Mahindra has offices in more than 60 countries.[41][42][43]

Awards[edit]

  • IDC Insights Award 2018[44]

See also[edit]

References[edit]

  1. ^ Satyam is history: Mahindra Group merges Satyam with Tech Mahindra Archived 15 January 2016 at the Wayback Machine
  2. ^ "board of directors".
  3. ^ a b c d e f "Tech Mahindra Q4 results for 2018" (PDF). Tech Mahindra. 17 April 2019. Retrieved 3 September 2018.
  4. ^ a b c "Tech Mahindra Limited Consolidated Fact Sheet Data" (PDF). Tech Mahindra.
  5. ^ "Tech Mahindra". techmahindra.com. TechMahindra. Retrieved 1 January 2018.
  6. ^ "Tech Mahindra & U.S. Based Orbic Partner to Develop a '5G Device Portfolio' For the Global Markets". AP NEWS. 27 February 2019. Retrieved 25 March 2019.
  7. ^ "Ranking of Top 500 Companies".
  8. ^ "1:8.5 swap for Tech Mahindra, Mahindra Satyam merger". The Hindu. Chennai, India. 25 June 2013.
  9. ^ "BT Group to exit from Tech Mahindra, directors resign". Economic Times. 24 December 2011. Archived from the original on 5 July 2015. Retrieved 4 July 2015.
  10. ^ "BT exits Tech Mahindra". The Hindu. 12 December 2012. Retrieved 4 July 2015.
  11. ^ "Tech Mahindra wins Satyam Computer bid". IBNLive.
  12. ^ "Tech Mahindra wins Satyam bid". India Today. 12 April 2009.
  13. ^ "Rising wages can harm Indian IT companies: Vineet Nayyar, Vice-Chairman, Tech Mahindra". timesofindia-economictimes.
  14. ^ "Tech Mahindra, Satyam get nod to merge".
  15. ^ Mahindra Satyam-TechM to take 150 top leaders to Bangkok Archived 15 March 2014 at the Wayback Machine
  16. ^ "Mahindra Satyam, Tech Mahindra merger gets AP High Court's nod — The Times of India". The Times Of India.
  17. ^ "Andhra Pradesh High Court clears merger of Mahindra Satyam with Tech Mahindra". The Times Of India. 11 June 2013.
  18. ^ "Mahindra Satyam waits for Court order for merger". The Hindu. Chennai, India. 17 May 2013.
  19. ^ "Archived copy". Archived from the original on 3 October 2013. Retrieved 2013-06-12.CS1 maint: Archived copy as title (link)
  20. ^ "M-Satyam, Tech Mahindra hope to merge in four weeks".
  21. ^ "Will complete Tech Mah, Satyam merger in 8 weeks: Nayyar". 11 June 2013.
  22. ^ "MSat-Tech Mahindra merger gets court nod". The Hindu. Chennai, India. 11 June 2013.
  23. ^ "Archived copy". Archived from the original on 19 June 2015. Retrieved 2013-06-25.CS1 maint: Archived copy as title (link)
  24. ^ "Tech Mahindra, Satyam Computer complete merger". 25 June 2013.
  25. ^ "Archived copy". Archived from the original on 15 January 2016. Retrieved 2013-06-26.CS1 maint: Archived copy as title (link)
  26. ^ "Trading in Mahindra Satyam to be suspended from July 4". 29 June 2013.
  27. ^ Press Trust of India (14 July 2013). "Satyam is no more; to live on as part of Tech Mahindra".
  28. ^ "Tech Mahindra completes share swap, issued capital goes up". 12 July 2013.
  29. ^ "Tech Mahindra completes share swap — The Times of India". The Times Of India.
  30. ^ BS Reporter (13 August 2013). "Tech Mahindra Q1 net up".
  31. ^ "?Tech Mahindra to acquire Swiss firm SOFGEN Holdings". timesofindia-economictimes. Archived from the original on 14 January 2015. Retrieved 15 January 2015.
  32. ^ "Tech Mahindra Augments Its Core Banking Expertise, To acquire SOFGEN Holdings Limited".
  33. ^ "Tech Mahindra set to acquire Italian car design company Pininfarina". timesofindia-economictimes. Archived from the original on 23 December 2015. Retrieved 22 December 2015.
  34. ^ Bibhu Ranjan Mishra (23 December 2015). "Tech Mahindra rolls out automation tool to boost productivity".
  35. ^ Risov Chakrabortty (25 November 2016). "Tech Mahindra to acquire Target Group - to augment Platform BPaaS offerings in BFSI".
  36. ^ Rath, Abhishek. "Tech Mahindra launches Saudi JV with Al Fozan Group". techmahindra.com. Retrieved 20 June 2017.
  37. ^ Rath, Abhishek. "Tech Mahindra to Take Huawei Enterprise Products To Global Markets". techmahindra.com. Retrieved 20 June 2017.
  38. ^ Rath, Abhishek. "Tech Mahindra to acquire US-based healthcare IT services & consulting firm". techmahindra.com. Retrieved 20 June 2017.
  39. ^ "Tech Mahindra announces DynaCommerce acquisition". www.dynacommerce.com. Retrieved 1 February 2019.
  40. ^ "Tech Mahindra announces DynaCommerce acquisition". www.techmahindra.com. Retrieved 1 February 2019.
  41. ^ "Tech Mahindra > Location Details". Retrieved 1 October 2012.
  42. ^ "Tech Mahindra". Retrieved 1 October 2012.
  43. ^ "Contact Details & offices are in Asia, Africa, Americas, Europe & Australia". Tech Mahindra. Retrieved 1 October 2012.
  44. ^ "Awards and Achievements". www.techmahindra.com. Retrieved 22 February 2019.

External links[edit]