|Industry||IT services, IT consulting|
Anand Mahindra (Chairman & Founder)|
Vineet Nayyar (VC)
CP Gurnani (CEO & MD)
|Services||IT, Business Consulting and Outsourcing|
|Revenue||$4.2 billion (November 2016)|
|$474 million (March 2016)|
Number of employees
|112,886 (September 2016)|
Tech Mahindra Limited is an Indian multinational provider of information technology (IT), networking technology solutions and Business Process Outsourcing (BPO) to the telecommunications industry. Anand Mahindra is the founder of Tech Mahindra, which is headquartered at Pune, India.
Part of the Mahindra Group, Tech Mahindra is a US$4.2 billion company with 112,886 employees across 90 countries. It provides services to customers which include Fortune 500 companies. It is also one of the Fab 50 companies in Asia, a list compiled by Forbes. Tech Mahindra was ranked #5 in India's software services (IT) firms and overall #111 in Fortune India 500 list for 2012. Tech Mahindra, on 25 June 2013, announced the completion of a merger with Mahindra Satyam.
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. 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 crore. This sale marked the exit of British Telecom from Tech Mahindra.
Acquisition of Satyam Computer Services Ltd.
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. 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." Through a subsidiary, it has emerged victorious in Satyam sell-off, a company probably two times its size in number of people. This was one of the largest merger deals in India's tech industry.
Merger with Mahindra Satyam
Tech Mahindra announced its merger with Mahindra Satyam on March 21, 2012, after the board of two companies gave the approval,to build a 2.5 billion $ IT Company in India. The two firms had received the go-ahead for merger from the Bombay Stock Exchange and the National Stock Exchange. On June 11, 2013, Andhra Pradesh High Court gave its approval for the merger of Mahindra Satyam with Tech Mahindra,after Bombay high court already gave its approval. Vineet Nayyar said that technical approvals from the Registrar of Companies(RoC) in Andhra Pradesh and Maharashtra are required which will be done in two to four weeks, and within 8 weeks,new merged entity will be in place,a new organisation chart would also come into force led by Anand Mahindra as Chairman, Vineet Nayyar as Vice Chairman and C. P. Gurnani as the CEO and Managing Director. On June 25, 2013,Tech Mahindra announced completion of Mahindra Satyam's merger with itself to create nation's fifth largest software services company with a turnover of USD 2.7 billion. Tech Mahindra got the approval from the registrar of companies for the merger late in the night 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, which was approved by both the boards. Mahindra Satyam (Satyam Computer Services), was suspended from trading with effect from July 4, 2013, following its merger with Tech Mahindra . Tech Mahindra completed share swap and allocated its shares to the shareholders of Satyam Computer Services on July 12, 2013. 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. By March 2016, Tech Mahindra's post-tax earnings had surged past that of M&M.
- 1986 - Created as a joint venture of Mahindra & Mahindra and British Telecommunications (later BT Group).
- 1993 - Incorporation of MBT International Inc., the first overseas subsidiary
- 1994 - Awarded ISO 9001 certification by BVQI
- 1995 - Established UK branch office
- 2001 - Incorporated MBT GmbH, Germany incorporated. Re-certified to [ISO 9001:1994] by BVQI
- 2002 - Assessed at Level 2 of SEI CMM by KPMG. Incorporated MBT Software Technologies Pte. Limited, Singapore
- 2005 - Merged MBT with Axes Technologies (India) Private Limited,including its US and Singapore subsidiaries.Assessed at Level 3 of SEI CMMI by KPMG
- 2006 - Name changed to Tech Mahindra Limited. Assessed at Level 4 of SEI People-CMM (P-CMM) by QAI India. Raised Rs46.5 million ($1 million) from an IPO to build a new facility in Pune, to house about 9,000 staff. Formed a JV with Motorola Inc. under the name CanvasM.
- 2007 - Acquired iPolicy Networks Private Limited. Launched the Tech M Foundation to help underprivileged people. Assessed at Level 5 of SEI CMMI by KPMG
- 2009 - Tech M wins bid for fraud-hit Satyam Computer Services at Rs 58.90 per share outdoing Larsen & Toubro, which bid at Rs 45.90. Rebrands the company to Mahindra Satyam.
- 2012 - Acquires Hutchison Global Services for $87.1 million
- 2012 - Buys 51% stake in Comviva
- 2012 - Tech Mahindra acquires vCustomer BPO for $27 million
- 2013 - Tech Mahindra acquires Sweden-based Type Approval Lab. The lab was part of Sony Mobile Communication's internal test function and after acquisition it became the first European test lab of Tech Mahindra.
- 2013 - On June 25, Tech Mahindra and Mahindra Satyam merging process completed and the name of the parent company was retained for the merged entity
- 2014 - Tech Mahindra acquires Lightbridge Communications Corporation (LCC), the largest independent telecom services company in the world with local presence in over 50 countries.
- 2015 - Tech Mahindra acquires SOFGEN Holdings, a 450-employee Swiss IT firm serving the financial services industry
- 2015 - Tech Mahindra purchases a controlling stake in Pininfarina S.p.A., an Italian brand in automotive and industrial design
- 2015 - Tech Mahindra announces the launch of its Automation Framework AQT (Automation, Quality, Time)
- 2016 - 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
Tech Mahindra offices
- India: Ahmedabad, Bangalore, Bhubaneswar, Chandigarh, Chennai, Gurgaon, Hyderabad, Kolkata, Mumbai, Noida, Nagpur, Pune and Visakhapatnam
- Asia Pacific: China, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam
- Americas: Mexico, Brazil, Canada and United States of America
- Australia: Australia and New Zealand
- Europe: Belgium, Czech Republic, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Luxembourg, Netherlands, Norway, Romania, Spain, Sweden, Switzerland and United Kingdom
- Africa: Chad, Congo Republic, Democratic Republic of the Congo, Gabon, Ghana, Kenya, Malawi, Nigeria, Rwanda, South Africa, Uganda and Zambia
- Middle East: Bahrain, Israel, Kuwait, Oman, Qatar, Saudi Arabia, Turkey and United Arab Emirates
- Tech Mahindra Campus, HITEC City
- Tech Mahindra Technology Center at Bahadurpally, Hyderabad
- Tech Mahindra Development Center
- Tech Mahindra, Hyderabad
- Tech Mahindra Development Centre Visakhapatnam
- Satyam is history: Mahindra Group merges Satyam with Tech Mahindra
- "Tech Mahindra Q4 Revenue up 17% YOY".
- "Tech Mahindra Q1 PAT at ₹ 750 crore; up 20.5% YoY".
- Venkatesh, Shruti. "Ten Indian companies make it to Forbes Asia's Fab 50 list". Forbes India. Retrieved 25 September 2015.
- "Ranking of Top 500 Companies".
- "1:8.5 swap for Tech Mahindra, Mahindra Satyam merger". The Hindu. Chennai, India. June 25, 2013.
- "BT Group to exit from Tech Mahindra, directors resign". Economic Times. 24 December 2011. Retrieved 4 July 2015.
- "BT exits Tech Mahindra". The Hindu. 12 December 2012. Retrieved 4 July 2015.
- "Tech Mahindra wins Satyam Computer bid". IBNLive.
- "Mahindra Satyam's merger with Tech Mahindra next year". The Times Of India. 10 November 2011.
- "Rising wages can harm Indian IT companies: Vineet Nayyar, Vice-Chairman, Tech Mahindra". timesofindia-economictimes.
- "Tech Mahindra, Satyam get nod to merge".
- Mahindra Satyam-TechM to take 150 top leaders to Bangkok
- "Mahindra Satyam, Tech Mahindra merger gets AP High Court's nod — The Times of India". The Times Of India.
- "Andhra Pradesh High Court clears merger of Mahindra Satyam with Tech Mahindra". The Times Of India. June 11, 2013.
- "Mahindra Satyam waits for Court order for merger". The Hindu. Chennai, India. May 17, 2013.
- "M-Satyam, Tech Mahindra hope to merge in four weeks".
- "Will complete Tech Mah, Satyam merger in 8 weeks: Nayyar". 11 June 2013.
- "MSat-Tech Mahindra merger gets court nod". The Hindu. Chennai, India. June 11, 2013.
- "Tech Mahindra, Satyam Computer complete merger". 25 June 2013.
- "Trading in Mahindra Satyam to be suspended from July 4". 29 June 2013.
- Press Trust of India (14 July 2013). "Satyam is no more; to live on as part of Tech Mahindra".
- "Tech Mahindra completes share swap, issued capital goes up". 12 July 2013.
- "Tech Mahindra completes share swap — The Times of India". The Times Of India.
- BS Reporter (13 August 2013). "Tech Mahindra Q1 net up".
- Daniel Thomas (29 Aug 2012). "BT set to reduce stake in Tech Mahindra". Archived from the original on 2 Oct 2012.
BT founded Tech Mahindra as a joint venture with Mahindra & Mahindra, the Indian vehicle group, in 1986.
- "Corporate History - Tech Mahindra".
- "Tech Mahindra acquires Sweden-based Type Approval Lab". The Economics Times. Retrieved 2012-04-24.
- Clifford Alvares (15 October 2013). "Tech Mahindra goes for growth by acquisition".
- "?Tech Mahindra to acquire Swiss firm SOFGEN Holdings". timesofindia-economictimes.
- "Tech Mahindra Augments Its Core Banking Expertise, To acquire SOFGEN Holdings Limited".
- "Tech Mahindra set to acquire Italian car design company Pininfarina". timesofindia-economictimes.
- Bibhu Ranjan Mishra (23 December 2015). "Tech Mahindra rolls out automation tool to boost productivity".
- Risov Chakrabortty (25 November 2016). "Tech Mahindra to acquire Target Group - to augment Platform BPaaS offerings in BFSI".
- "Tech Mahindra > Location Details". Retrieved 2012-10-01.
- "Tech Mahindra". Retrieved 2012-10-01.
- "Contact Details & offices are in Asia, Africa, Americas, Europe & Australia". Tech Mahindra. Retrieved 2012-10-01.