MindTree

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MindTree Ltd.
Type Publicly Traded Company
Founded August 18, 1999
Headquarters Bangalore, India
Key people Ashok Soota, Chairman and MD
Subroto Bagchi, Gardener
Krishnakumar Natarajan, CEO
S Janakiraman, President & CEO - R&D Services
Industry Computer Services
Revenue ▲$ 191 million USD
Employees ~5640 (April,2008)
Website www.mindtree.com

MindTree Limited is an international IT consulting company that was started in 1999 by 10 industry professionals who came from Cambridge Technology Partners, Lucent Technologies and Wipro. Currently co-headquartered in Warren, New Jersey and Bangalore, India, it has 3 development centers in India and 15 offices spread across Asia, Europe and the United States. The founding team was led by Ashok Soota, who was at that time vice chairman and president of Wipro, one of India's largest software companies. The company has close to 5500 employees.

MindTree crossed USD 100 million in revenues in April 2006[1]; the fastest Indian IT company to achieve the target. MindTree is also the world's youngest company to be assessed at both CMMi and P-CMM.

MindTree has been involved in the creation of Bluetooth technology [2] and is an Associate Member of the Bluetooth Special Interest Group [3]. Their Bluetooth protocol stack is licenced to NEC [4].

Contents

[edit] History

MindTree was started by 7 leaders in the Indian IT business - Ashok Soota, Subroto Bagchi, Krishnakumar Natarajan, S.Janakiraman, N.S.Parthasarathy, Kalyan Banerjee and Rostow Ravanan and 3 leaders in American IT business - Anjan Lahiri, Scott Staples and Kamran Ozair. Scott Staples now heads MindTree's US operations. They started with a funding of 9.1 million dollars from two Venture Capital firms Walden International and Sivan Securities[5]. Initially starting as a pure-play e-business consulting and technology company, MindTree had to expand its offerings to include IT and R&D services during the down-turn following September 11. The company obtained a second round of funding for 14.1 million dollars in August 2001 from the Capital Group, and Franklin Templeton apart from the initial VCs. MindTree announced that it has signed a definitive agreement with the largest shareholder of Aztecsoft Ltd. to acquire 32.57% of its shares at Rs 80 per share, which values the company at an equity valuation of USD 90 Million. MindTree will also announce an open offer to Aztecsoft’s public shareholders to purchase up to an additional 20% equity ownership interest. These transactions are subject to customary regulatory filings, clearances and approvals. After the completion of these transactions, MindTree will initiate the process of merging Aztecsoft into itself.

[edit] Awards

  • IBM Beacon Award 2008 for Overall Technical Excellence in Sales and Distribution - Asia Pacific[6].
  • Nasscom Innovation Award 2007 for knowledge management (KM) given by NASSCOM[7].
  • MindTree Ranked Number 1 Most Admired Knowledge Enterprise (MAKE) in India based on an annual study conducted by Teleos and the Know Network [8]
  • Among the "Best Companies to Work for in 2005" in the Business Today-Mercer-TNS study
  • Among "Great Places to Work" for the second consecutive year in 2005 in a study conducted by Grow Talent Company and Business World
  • As one of the "Best Employers in India" for the second consecutive year in 2004 by Hewitt Associates
  • Youngest company to earn CRMM Level 5 certification
  • Second in the Business Today -- Mercer "Best Company to work for in India" for the second consecutive year in 2007 [9]
  • Leader-Human Capital Development- “Global Services 100” - Source CMP-CyberMedia

[edit] Logo

MindTree Logo

MindTree’s logo was created by a student who has cerebral palsy. The MindTree team interacted with a group of ten students at the Spastics Society of Karnataka that runs a school for children with cerebral palsy - many in wheel chairs, and briefed them on MindTree’s Mission, Vision, and Core Values.

Subsequently, over several sessions, the team explained to them some basic concepts behind graphic design and asked them to interpret several known international logos. All ten students turned in their version of MindTree’s logo. MindTree decided to adopt the work of Chetan K.S., a student who has motor and speech disability. The decisive skyward, blue brush stroke is Chetan's way of communicating imagination. The red stands for action. Finally, the bright yellow bubbles represent joy.

[edit] Integrity Policy

MindTree has a published integrity policy; violations have resulted in termination.[citation needed]

[edit] Offices and Locations

Besides its co-headquarters in Bangalore, MindTree has a development centre in Mahindra World City, Chennai named MindTree Coramandel[10], and offices in New Delhi, Santa Clara, Warren, Texas, Washington, Schaumburg, McLean, Denver, Mumbai, Chennai, Frankfurt, London, Singapore, Tokyo, Sharjah, Miami, Sydney and Sweden.

MindTree's regional headquarters are in Bangalore, London, and Warren (New Jersey).

[edit] Profit Centers

IT Services
- Key Industries -

  • Travel & Transportation
  • Manufacturing (Consumer Goods, Automotive and Pharmaceuticals)
  • Banking and Financial Services
  • Capital Markets
  • Hi-Tech
  • Insurance
  • Retail
  • Media and Publishing

R&D Services
- Markets -

- Licensable IP Offerings -

  • Bluetooth (Software Stack and Baseband)
  • SBC (Bluetooth low-complexity Sub-Band Codec)

[edit] Acquisitions

1) Acquired NOIDA based ASAP soultions in 2004 for all cash deal
2) Acquired Bangalore based Linc Software Services Pvt Ltd. in 2005 for stock and cash
3) Acquired Indian division of cosystems for all cash deal
4) Acquired TES-Purple Vision in December 2007
5) MindTree to Acquire Majority Equity Interest in Aztecsoft [11].

[edit] IPO details

MindTree Consulting had filed its draft red herring propectus with the Securities and Exchange Board of India (Sebi) for its initial public offer (IPO) on December 12, 2006. It was offering 5,593,300 equity shares of Rs 10 each.[12]

MindTree IPO opened on 9 February 2007 and closed on 14 February 2007. The price band fixed was Rs. 365 to Rs. 425.[13] The IPO was oversubscribed more than 100 times.[14]

MindTree listed at more than 600 Rs on 2007-03-07 [15]

[edit] References

  1. ^ "MindTree posts $102-m revenue", Business Line, The Hindu, 2006-04-03. Retrieved on 2006-07-05. 
  2. ^ Roy, Shubhrangshu. "MindTree's R&D reaches new heights", The Economic Times, 2004-12-03. Retrieved on 2006-07-05. 
  3. ^ Bluetooth SIG Associate Members (2006). Retrieved on 2006-07-05.
  4. ^ Ribeiro, John. "NEC licenses Bluetooth from Indian company", InfoWorld, 2005-12-14. Retrieved on 2006-07-05. 
  5. ^ Saxena, Neeraj. "Soota reflects infotech sector at CII", Times of India, 2002-04-28. Retrieved on 2006-07-05. 
  6. ^ "IBM Beacon 2008 Awards". 
  7. ^ "MindTree clinches Nasscom Innovation Award 2007". 
  8. ^ "India's Most Admired Knowledge Enterprises", Teleos, 2007-11-15. Retrieved on 2007-11-15. 
  9. ^ "Indian Companies Emerge at the Top of the Business Today -- Mercer Human Resource Consulting Best Companies to Work For In India Rankings consecutively for 2006 and 2007", IndiaPRwire, 2006-11-09. Retrieved on 2006-11-16. 
  10. ^ "MindTree plans development centre in Chennai", Business Line, The Hindu, 2006-04-08. Retrieved on 2006-07-05. 
  11. ^ "MindTree to Acquire Majority Equity Interest in Aztecsoft". 
  12. ^ "MindTree files for IPO, Soota’s stake to fall", Times News Network, 2006-12-12. Retrieved on 2006-12-12. 
  13. ^ "MindTree sets IPO price band of 365-425 rupees", 2007-02-01. Retrieved on 2006-02-01. 
  14. ^ "MindTree IPO oversubscribed 103.28 times", Moneycontrol, 2007-02-14. Retrieved on 2006-02-14. 
  15. ^ "MindTree Consulting debuts with 47.5% premium", 2007-03-07. Retrieved on 2006-03-07. 

[edit] External links