| Type | Public company BSE: 532819 |
|---|---|
| Industry | IT |
| Founded | 18 August 1999 |
| Headquarters | Bangalore, India |
| Key people |
|
| Revenue | $ 330.9 million USD(2011) |
| Net income | $ 22.3 million USD(2011) |
| Employees | 10,581 (Oct 2011) |
| Website | www.mindtree.com |
MindTree Limited, formerly known as MindTree Consulting Limited (BSE: 532819), is a mid-sized international information technology (IT) consulting and implementation company. It operates in two units: production engineering services and IT services. MindTree was started in 1999 by ten industry professionals from Cambridge Technology Partners, Lucent Technologies, and Wipro. Currently co-headquartered in Warren, New Jersey, and Bangalore, India, it has three development centers in India and 15 offices in Asia, Europe, and the United States.
MindTree surpassed USD 100 million in revenues in April 2006.[1] MindTree was involved in the creation of Bluetooth technology[2] and is an Associate Member of the Bluetooth Special Interest Group.[3] Its Bluetooth protocol stack is licenced to NEC.[4]
One of significant project during the first quarter of the 2010–11 fiscal year was providing application development, maintenance, and support services for the Government of India's nation-wide Unique Identification (UID) project, called Aadhar.[5]
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MindTree was started by seven Indian businessmen in IT –and three American IT professionals – Anjan Lahiri, Scott Staples, and Kamran Ozair. Staples now heads MindTree's US operations. They started with a funding of $9.1 million from two venture capital firms, Walden International and Sivan Securities.[6] The company obtained an additional $14.1 million of funding from the Capital Group and Franklin Templeton in August 2001. MindTree expanded its offerings to include IT and R&D services during the down-turn following the September 11 attacks.
MindTree went public in December 2006. The initial public offering price band was fixed for Rs. 365 to Rs. 425. MindTree was listed the Bombay Stock Exchange on 7 March at more than Rs. 600 and crossed Rs. 1000 within a few days. MindTree was oversubscribed more than 100 times. However, the recession in the US in 2008 resulted in IT shares going down, including those of MindTree.
Major acquisitions include Aztecsoft in 2008 at an equity valuation of USD $90 million and TES-Purple Vision in 2007 for USD $6.55 million.[7] In September 2009, MindTree acquired the Indian arm of Kyocera Wireless, Kyocera Wireless India Pvt Ltd, for USD $6 million.[8] In 2010 MindTree acquired the remote infrastructure management services provider 7Strata for Rs7.2 crore in cash.[9] MindTree reported revenues of USD $272 million in 2010, and has set an aggressive target of reaching $1 billion by 2014.
In January 2011, Ashok Soota announced his resignation to the board, citing personal reasons. In a press release, Soota indicated that he planned to start a new business venture (he started a company called HappiestMinds). [10]
MindTree's logo was created by a student who has cerebral palsy. The MindTree team met with a group of ten students at the Spastics Society of Karnataka that runs a school for children with cerebral palsy, and outlined on MindTree's mission, vision, and core values. Over several sessions, the team explained to them some basic concepts of graphic design and asked them to interpret several known international logos. MindTree decided to adopt the work of Chetan K.S., a student who has a motor and speech disability. The skyward blue brushstroke is Chetan's way of communicating imagination. The red stands for action and the yellow bubbles represent joy.
MindTree has a published integrity policy which policy applies to all stakeholders. Violations have resulted in termination.[11]
MindTree's regional headquarters are in Bangalore, London, and Warren, New Jersey.
MindTree's plans at Bhubaneswar, where the company has applied for and been allotted 200 acres (810,000 m2) of land from the Industrial Development Corporation of Orissa, was stalled since 2006 due to a stay order granted by the High Court of Orissa (Order No 9988 of 2006 dated 28.8.2006) against further development of the plot, as 4.8 acres (19,000 m2) of it are privately owned. But company is currently going ahead with 150 acres (610,000 m2) of land.
MindTree Consulting filed its draft red herring propectus with the Securities and Exchange Board of India for its initial public offering (IPO) on 12 December 2006. It offered 5,593,300 equity shares at Rs 10 each.[14]
The IPO opened on 9 February 2007 and closed on 14 February 2007. The price band fixed was Rs. 365 to Rs. 425.[15] The IPO was oversubscribed more than 100 times.[16]
MindTree listed at more than Rs. 600/- on 7 March 2007.[17]