Mindtree
 | |
| Public | |
| Traded as | BSE: 532819; NSE: MINDTREE |
| Industry | IT, PES (Product Engineering Services) |
| Founded | 18 August 1999 |
| Headquarters | Bangalore, India |
Key people |
Subroto Bagchi(Chairman) Krishnakumar Natarajan(CEO) Rostow Ravanan(CFO) |
| Revenue |
 $ 583.8 million USD (2015)[1] |
|
$ 101 million USD (2014)[2] | |
| Total assets |
$ 341.06 million USD (2014)[3] |
Number of employees | 14,202 [4] |
| Website |
www |
Mindtree is a multinational information technology and outsourcing company headquartered in Bengaluru, India and New Jersey. Founded in 1999, the company employs approximately 14,000 employees with annual revenue of $550+ million.[5] Mindtree sells technology services. The company deals in e-commerce, mobile applications, cloud computing, digital transformation, business intelligence, data analytics, testing, infrastructure, EAI and ERP, with more than 200 clients and offices in 14 countries.[6] Its largest operations are in India and major markets are United States and Europe. The company was formed on 18th August 1999 by ten IT professionals, who formerly worked for Cambridge Technology Partners, Lucent Technologies, and Wipro.[7]
History
In August 1999, MindTree Consulting Private Limited was founded by ten IT professionals of which three of them invested through an entity incorporated in Mauritius.[8] It was funded by the venture capital firms Walden International and Sivan Securities, and later in 2001 from the Capital Group and Franklin Templeton.[9]
It became a public company on 12 December 2006 and was listed on the Bombay Stock Exchange and National Stock Exchange. The IPO opened on 9 February 2007 and closed on 14 February 2007.[10] The IPO was oversubscribed more than 100 times.[11] Subroto Bagchi, co-founder and chairman, has written about its history.[12]
Mindtree announced a new brand identity and logo, with the slogan "Welcome to possible" on September 28, 2012.[13] 0
As of 2012 the company had 28 offices in 14 countries.[14][15] Mindtree setup its first U.S. delivery center (USDC) in Gainesville, Florida, under the leadership of Scott Staples, co-founder and Global Head of Sales.[16]
Digital Pumpkin, the company's research and development lab, is at Bengaluru, India[17]
Services
The company specialise in Application Development and Maintenance, Digital Services, Enterprise Application Services, EAI BPM (Enterprise Application Integration and Business Process Management), Engineering R&D, Enterprise Application Services, Testing, Infrastructure Management and IT Strategy & Consulting.[18] MindTree provides various Research and Development services such as IP-led services, bluetooth, semiconductor, Digital Video Surveillance, MindTest(Integrated Test Methodology), MWatch(IT infrastructure management and service platform) and OmniChannel.[19][20] [21]
Mindtree’s business is structured around clients in key verticals such as Key Accounts Group, BFSI, Manufacturing, Fast-moving consumer goods, Retail and Travel, Transport and Hospitality industry, Hitech (Digital and Media Services). The company has business analysts, technology experts and services specialists engineering for clients across these verticals.[22]
Employee Metrics
Mindtree has a total of 14,202 employees as of March 2015, of which 27% were women. Its workforce consists of employees representing 32 nationalities working from various offices across the globe. Out of its total workforce, 94% are software professionals and remaining 6% work for support and sales.[23]
Acquisitions
| Name | Acquisition date | Activities | Country of HQ | Price | Employees (at acquisition) |
Reference |
|---|---|---|---|---|---|---|
| ASAP Solutions | 2004 | SAP & ERP | India & USA | NA | 120 | [24] |
| Linc Software Services Pvt Ltd | 2005 | Application development and Maintenance domains for Mid-Range Systems | India | $7 million USD | 220 | [25] |
| CoSystems | 2005 | Telecom (Captive Development Center – Indian division) | USA |  10 million INR |
20 | [26] |
| TES-Purple Vision | 2007 | Electronics(IC Design). Indian Division. Subsidiary of TES Electronic Solutions SA. | France | $6.55 million USD | 150 | [27][28] |
| Aztecsoft | 2008 | Product engineering and Testing services company. Aztecsoft acquired Disha Technologies a testing company in 2004 | India | 40 million INR |
2200 | [29][30] |
| Kyocera Wireless India Pvt Ltd | 2009 | Wireless services. Indian R&D Division | Japan | $6 million USD | 600 | [31][32] |
| 7Strata | 2010 | Remote infrastructure management services | India | 7.2 million INR |
90 | [33][34] |
| Discoverture Solutions LLC | 2015 | Property and Casualty Insurance | USA | $15 million USD | 300 | [35] |
Subsidiaries
| Name | Location | Type | Industry |
|---|---|---|---|
| Mindtree Software (Shanghai) Co. Ltd[36] | Shanghai, China | Owned | IT |
| Mindtree Wireless[37] | Bangalore, India | Owned | Wireless Products and Services |
| Nuvepro[38] | Bengaluru, India | Independent. Incubated at Mindtree | Cloud Computing – VMUnify |
Philanthropy
Mindtree Foundation is a unit of Mindtree that works in the pursuit of better living for people with disabilities and enhancement in the quality of primary education.[39] Mindtree Foundation was incorporated on 20 November 2007 under section 25 of Companies Act.
Mindtree’s employees, assistive technologies and associations with NGOs help to provide:[40]
- Launched 'Udaan' ,a scholarship program to support the medical education of underprivileged students in association with Narayana Hrudayalaya Charitable Trust.[41]
- Launched 'I Got Garbage' ,a cloud-based platform aimed to simplify waste management and transform every waste picker in Bangalore, India into an entrepreneur through a structured and governed waste management framework.[42]
- Individual Social Responsibility – Employees join the cause of donation of old clothes/toys/books, distribution of solar lanterns, caring for the elderly, cleaning up the city, blood and organ donation.[43]
- Education to underprivileged children with a special emphasis on people with disability
- Relief of poverty by way of assistance to food, shelter and clothing
- Relief of distress caused by natural calamities of nature
Mindtree Foundation is associated with:[44]
- Missionaries of Charity (M.O.C.)
- Gandhiji Shanti Nivas Leprosy Rehabilitation Centre
- Sparsh Foundation
- Spastics Society of Karnataka (SSK)
- Sikshana Educational Development program for
- Rural Government School Children
- AMBA Centers for Economic Empowerment of the Intellect
Awards and recognition
- Mindtree named a Leader in Zinnov's Global R&D Service Provider Ratings for the Third Year in a Row in 2014.[45]
- Mindtree was ranked #1 under the categories "Best Managed IT/Software/Technology Company in Asia" and the "Best Managed Company in India" for 2013 by Euromoney’s Annual Asia Company Ranking.[46]
- Mindtree wins the "Most Promising Company of the Year" Award from CNBC TV18 in 2013.[47]
- Selected by WASL procurement team as "Best Supplier in IT – Software services Category" in December 2012.[48]
- Selected by Forbes Asia as one of the "200 Best Under A Billion companies" of 2012.[49]
- Positioned as the third leading semiconductor R&D service provider in a survey conducted by Zinnov Management Consulting that covered India, China, Russia and Eastern Europe.[48]
- Named among the top ten providers of outsourcing/IT integration services to the consumer goods industry in Consumer Goods Technology’s (CGT) 2011 Readers’ Choice Survey.[50]
- Texas Instruments 2008 Supplier Excellence Award – the first Indian company to win this award.[51]
See also
References
- ↑ "mindtree revenue".
- ↑ "Operating Income".
- ↑ "Mindtree Total Assets and Asset Turnover Ratio Financial Graphs". moneycontrol.com.
- ↑ "No Of Employees".
- ↑ "mindtree factsheets".
- ↑ "Mindtree Reports Revenue Growth of 5.4% Q-o-Q and 15.6% Y-o-Y in Dollar Terms".
- ↑ "Mindtree history".
- ↑ "History of Incorporation". Economic Times.
- ↑ "Mindtree history – Funding".
- ↑ "MindTree Consulting IPO to open on Feb 9". The Economic Times. 6 February 2007.
- ↑ "MindTree IPO subscribed 103 times".
- ↑ "Making of Mindtree".
- ↑ "MindTree Logo".
- ↑ "Mindtree's global offices".
- ↑ "Contact Us". Mindtree.
- ↑ "Mindtree’s first U.S. delivery center".
- ↑ "Mindtree's Digital Pumpkin".
- ↑ "Mindtree’s Services".
- ↑ "OmniChannel".
- ↑ "Mindtree’s Solutions".
- ↑ "Mindtree’s Solutions 2".
- ↑ "Mindtree’s client focus".
- ↑ "Employee Metrics" (PDF). Mindtree.
- ↑ "Mindtree acquires ASAP Solutions".
- ↑ "Mindtree acquires Linc Software Services Pvt Ltd".
- ↑ "Mindtree acquires Indian Division of CoSystems".
- ↑ "Mindtree acquires TES-Purple Vision".
- ↑ "Mindtree acquires TES-Purple Vision".
- ↑ "Mindtree acquires Aztecsoft".
- ↑ "Mindtree acquires Aztecsoft".
- ↑ "Mindtree acquires Kyocera Wireless India Pvt Ltd".
- ↑ "Mindtree acquires Kyocera Wireless India Pvt Ltd".
- ↑ "Mindtree acquires 7Strata".
- ↑ "Mindtree acquires 7Strata".
- ↑ "Mindtree acquires Discoverture Solutions".
- ↑ "Mindtree Shanghai".
- ↑ "Mindtree Wireless".
- ↑ "Mindtree co-founder S Janakiraman, four other company veterans plan cloud-computing startup". timesofindia-economictimes.
- ↑ "Mindtree Foundation".
- ↑ "Mindtree Foundation contribution".
- ↑ "Udaan".
- ↑ "I Got Garbage".
- ↑ "Mindtree ISR".
- ↑ "Mindtree Foundation associates".
- ↑ "Awards & achievements".
- ↑ "Mindtree Ranked #1 by Euromoney in the ‘Best Managed Company for 2013’ under Two Award Categories".
- ↑ "Mindtree Wins the 'Most Promising Company of the Year' Award From CNBC TV18".
- ↑ 48.0 48.1 "Awards & achievements".
- ↑ "Awards & achievements".
- ↑ "Awards & achievements".
- ↑ "IT award for Mindtree".