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Tech Mahindra

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Tech Mahindra
Company typePublic
ISININE669C01036
IndustryInformation technology
Consulting
Outsourcing
Founded24 October 1986; 37 years ago (24 October 1986)
FounderAnand Mahindra
HeadquartersPune, Maharashtra, India[1]
Area served
Worldwide
Key people
RevenueDecrease ₹52,912 crore (US$6.3 billion) (FY24)[3]
Decrease ₹3,224 crore (US$390 million) (FY24)[3]
Decrease ₹2,396 crore (US$290 million) (FY24)[3]
Total assetsDecrease ₹43,423 crore (US$5.2 billion)[4] (2024)
Total equityDecrease ₹27,146 crore (US$3.3 billion)[4] (2024)
Number of employees
138,510 (March 2024)[5]
ParentMahindra Group
Websitewww.techmahindra.com
Footnotes / references
[6]

Tech Mahindra is an Indian multinational information technology services and consulting company. Part of the Mahindra Group, the company is headquartered in Pune and has its registered office in Mumbai.[7][8] Tech Mahindra has over 138,000 employees across 90 countries.[9] The company was ranked #5 in India's IT firms and overall No. 47 on Fortune India 500 list for 2019.[10]

On 25 June 2013, Tech Mahindra announced the completion of a merger with Mahindra Satyam. Tech Mahindra is one of the Big Tech (India) companies.[11] Tech Mahindra has 1,262 active clients as of June 2022.

History

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Mahindra & Mahindra started a joint venture with British Telecom in 1986 as a technology outsourcing firm. At that point in time the company was named Mahindra British Telecom (MBT). Later it was renamed as Tech Mahindra. British Telecom initially had around a 30 percent stake in Tech Mahindra. In December 2010, British Telecom sold 5.5 percent of its stake in Tech Mahindra to Mahindra & Mahindra for Rs. 451 crore.[12] In August 2012, British Telecom sold 14.1 percent 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.[13][14]

Acquisition of Satyam Computer Services Ltd.

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After the Satyam scandal of 2008–09, Tech Mahindra bid for Satyam Computer Services, and emerged as a top bidder with an offer of INR 58.90 a share for a 31 percent stake in the company, beating a strong rival, Larsen & Toubro.[15] After evaluating the bids, the government-appointed board of Satyam Computer announced on April 13, 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."[16]

Merger with Mahindra Satyam

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Mahindra Group V-C Anand Mahindra

Tech Mahindra announced its merger with Mahindra Satyam on 21 March 2012, after getting approval of the two company boards to create an IT company worth $2.5 billion.[17][18] The two firms had received the go-ahead for the merger from the Bombay Stock Exchange and the National Stock Exchange.[19] On 11 June 2013, Andhra Pradesh High Court gave its approval for merging Mahindra Satyam with Tech Mahindra, after getting approval from the Bombay high court.[20][21][22][23] 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 organization would be led by Anand Mahindra as Chairman, Vineet Nayyar as Vice Chairman, and C. P. Gurnani as the CEO and Managing Director.[24][25][26] On 25 June 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 $2.7 billion.[27][28] Tech Mahindra got the approval from the registrar of companies for the merger at 11:45 pm on 24 June 2013. 5 July 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.[29] Mahindra Satyam (Satyam Computer Services), was suspended from trading with effect from 4 July 2013, following the merger.[30] Tech Mahindra completed share swap and allocated its shares to the shareholders of Satyam Computer Services on 12 July 2013.[31] The stock exchanges have accorded their approval for trading the new shares with effect from 12 July 2013, onwards. Tech Mahindra posted net profit of INR 686 crore for the first quarter ended 30 June 2013, up 27% compared to the corresponding quarter the previous year.[32][33][34][35]

Later years

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In 2014, Tech Mahindra acquired Lightbridge Communications Corporation (LCC), a telecom services company operating in over 50 countries. In 2015, Tech Mahindra acquired SOFGEN Holdings, a 450-employee Swiss IT firm supplying the financial services industry[36][37] Tech Mahindra purchased a controlling stake in Pininfarina S.p.A., an Italian brand in automotive and industrial design[38] Tech Mahindra announced the launch of its Automation Framework AQT (Automation, Quality, Time)[39] By March 2016, Tech Mahindra's post-tax earnings had surpassed that of M&M.[40] 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.[41] In 2017, Tech Mahindra and Midad Holdings, a part of diversified business conglomerate Al Fozan Group announced the launch of a joint venture, Tech Mahindra Arabia Ltd.[42] On the basis of a global partnership agreement signed, Tech Mahindra markets Huawei's enterprise products and services across 44 countries including India.[43] Tech Mahindra acquired CJS Solutions Group LLC, a US-based healthcare Information Technology consulting company which does business as (DBA) “The HCI Group.”[44] In 2019, Tech Mahindra acquired DynaCommerce BV.[45][46] Tech Mahindra in September 2019 acquired BORN Group, a New York City–based digital content and production agency, for $95 million in an all-cash deal.[47][48][49]

In March 2021, Tech Mahindra partnered with US-based business intelligence analytics company ThoughtSpot.[50]

In October 2022 Tech Mahindra acquired 26% equity shares in Upendra Singh Multi Transmission Private Limited, allowing the company to procure 1.5 MW of solar energy for its facilities in Noida.[51]

In 2023, Tech Mahindra and Anyverse collaborated to create autonomous technology for the automobile sector.[52]

Locations

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Tech Mahindra has offices in more than 60 countries.[53][54][55]

Other

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In 2023, Tech Mahindra and FIDE organized the Global Chess League, an over-the-board rapid chess league.[57][58]

See also

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References

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  1. ^ "Satyam is history: Mahindra Group merges Satyam with Tech Mahindra". Archived from the original on 15 January 2016.
  2. ^ "Tech Mahindra appoints Mohit Joshi as MD & CEO designate".
  3. ^ a b c "Integrated Annual Report 2022-23" (PDF). Tech Mahindra. Retrieved 25 April 2024.
  4. ^ a b "TechMahindra Profit and loss statement" (PDF).
  5. ^ "Tech Mahindra ends Q3 with 4,354 fewer employees". Moneycontrol. 24 January 2024.
  6. ^ "Tech Mahindra Q4 results for 2018" (PDF). Tech Mahindra. 17 April 2019. Retrieved 3 September 2018.[permanent dead link]
  7. ^ "Tech Mahindra". techmahindra.com. TechMahindra. Retrieved 1 January 2018.
  8. ^ "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.
  9. ^ "Tech Mahindra Overview". www.techmahindra.com. Retrieved 25 August 2023.
  10. ^ "Tech Mahindra - Fortune 500 List 2019". Fortune. Archived 2 March 2022 at the Wayback Machine
  11. ^ "1:8.5 swap for Tech Mahindra, Mahindra Satyam merger". The Hindu. Chennai, India. 25 June 2013.
  12. ^ "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.
  13. ^ "BT exits Tech Mahindra". The Hindu. 12 December 2012. Retrieved 4 July 2015.
  14. ^ Mukherjee, Saurav (26 July 2023). "Tech Mahindra Q1 Results: Headcount plunges 9% by 4,103 in June quarter". mint. Retrieved 17 August 2023.
  15. ^ "Tech Mahindra wins Satyam Computer bid". IBNLive. Archived from the original on 16 April 2009.
  16. ^ "Tech Mahindra wins Satyam bid". India Today. 12 April 2009.
  17. ^ "Rising wages can harm Indian IT companies: Vineet Nayyar, Vice-Chairman, Tech Mahindra". timesofindia-economictimes.
  18. ^ "Tech Mahindra, Satyam get nod to merge".
  19. ^ Kurmanath, K. V. (11 April 2012). "Mahindra Satyam-TechM to take 150 top leaders to Bangkok". businessline. Archived from the original on 15 March 2014.
  20. ^ "Mahindra Satyam, Tech Mahindra merger gets AP High Court's nod". The Times of India. Archived from the original on 28 September 2013.
  21. ^ "Andhra Pradesh High Court clears merger of Mahindra Satyam with Tech Mahindra". The Times Of India. 11 June 2013.
  22. ^ "Mahindra Satyam waits for Court order for merger". The Hindu. Chennai, India. 17 May 2013.
  23. ^ "Decks cleared for end of Satyam". Archived from the original on 3 October 2013. Retrieved 2013-06-12.
  24. ^ "M-Satyam, Tech Mahindra hope to merge in four weeks".
  25. ^ "Will complete Tech Mah, Satyam merger in 8 weeks: Nayyar". 11 June 2013.
  26. ^ "MSat-Tech Mahindra merger gets court nod". The Hindu. Chennai, India. 11 June 2013.
  27. ^ "Mahindra Satyam merges with Tech Mahindra; becomes 5th biggest IT firm". Archived from the original on 19 June 2015. Retrieved 2013-06-25.
  28. ^ "Tech Mahindra, Satyam Computer complete merger". 25 June 2013.
  29. ^ "Deccan Chronicle". Archived from the original on 15 January 2016. Retrieved 2013-06-26.
  30. ^ "Trading in Mahindra Satyam to be suspended from July 4". 29 June 2013.
  31. ^ Press Trust of India (14 July 2013). "Satyam is no more; to live on as part of Tech Mahindra".
  32. ^ "Tech Mahindra completes share swap, issued capital goes up". 12 July 2013.
  33. ^ "Tech Mahindra completes share swap — The Times of India". The Times Of India.
  34. ^ BS Reporter (13 August 2013). "Tech Mahindra Q1 net up".
  35. ^ "'Tech Mahindra to focus on deals from BFSI, healthcare, manufacturing, etc.,' says CPO Harshvendra Soin". Business Today. 7 August 2023. Retrieved 17 August 2023.
  36. ^ "?Tech Mahindra to acquire Swiss firm SOFGEN Holdings". timesofindia-economictimes. Archived from the original on 14 January 2015. Retrieved 15 January 2015.
  37. ^ "Tech Mahindra Augments Its Core Banking Expertise, To acquire SOFGEN Holdings Limited" (Press release).
  38. ^ "Tech Mahindra set to acquire Italian car design company Pininfarina". timesofindia-economictimes. Archived from the original on 23 December 2015. Retrieved 22 December 2015.
  39. ^ Bibhu Ranjan Mishra (23 December 2015). "Tech Mahindra rolls out automation tool to boost productivity".
  40. ^ "TECHM Shareholding Pattern - Tech Mahindra Ltd Stock". fintel.io. Retrieved 28 June 2020.
  41. ^ Risov Chakrabortty (25 November 2016). "Tech Mahindra to acquire Target Group - to augment Platform BPaaS offerings in BFSI" (Press release).
  42. ^ Rath, Abhishek. "Tech Mahindra launches Saudi JV with Al Fozan Group". techmahindra.com (Press release). Retrieved 20 June 2017.
  43. ^ Rath, Abhishek. "Tech Mahindra to Take Huawei Enterprise Products To Global Markets". techmahindra.com (Press release). Retrieved 20 June 2017.
  44. ^ Rath, Abhishek. "Tech Mahindra to acquire US-based healthcare IT services & consulting firm". techmahindra.com (Press release). Retrieved 20 June 2017.
  45. ^ "Tech Mahindra announces DynaCommerce acquisition". www.dynacommerce.com (Press release). Retrieved 1 February 2019.
  46. ^ "Tech Mahindra announces DynaCommerce acquisition". www.techmahindra.com (Press release). Retrieved 1 February 2019.
  47. ^ Sriram, M. (5 November 2019). "Tech Mahindra acquires New York-based BORN Group for $95 million". Mint. Retrieved 26 November 2019.
  48. ^ "Meet BORN Group, now a Tech Mahindra company". afaqs!. 18 November 2019. Retrieved 26 November 2019.
  49. ^ "Tech Mahindra teaches AI skills to 8,000 employees: 5 things to know". India Today. Retrieved 17 August 2023.
  50. ^ "Tech Mahindra partners with ThoughtSpot for AI-driven analytics". The Economic Times. Retrieved 9 March 2021.
  51. ^ "Tech Mahindra to acquire 26% in Upendra Singh Multi Transmission". www.indiainfoline.com. Retrieved 28 October 2022.
  52. ^ "Tech Mahindra partners Anyverse to develop autonomous tech for automotive industry". Financialexpress. 17 August 2023. Retrieved 17 August 2023.
  53. ^ "Tech Mahindra > Location Details". Retrieved 1 October 2012.
  54. ^ "Tech Mahindra". Retrieved 1 October 2012.
  55. ^ "Contact Details & offices are in Asia, Africa, Americas, Europe & Australia". Tech Mahindra. Retrieved 1 October 2012.
  56. ^ "Tech Mahindra Coimbatore Campus". Tech Mahindra.
  57. ^ "FIDE and Tech Mahindra Announce Dates for First & Biggest Global Chess League". www.fide.com. Retrieved 6 August 2023.
  58. ^ "Tech Mahindra, FIDE join hands for franchisee-based chess competition". Business Standard.
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