Mindtree
Public
IndustryInformation technology
Consulting
Outsourcing
FounderAshok Soota
Subroto Bagchi
Krishnakumar Natarajan
Parthasarathy NS
Scott Staples
Anjan Lahiri
Kalyankumar Banerjee
Janakiraman
Kamran Ozair
Rostow Ravanan
Area servedWorldwide
Key people
Revenue (2022)₹10,520[3]
Operating income₹1,953.5[3]
Income year2022
Net income (2022)₹1,652.9[3]
Assets (2020)₹5,156.60[4]
Equity (2020)₹3,156.80[4]
Num employees38,518 (July 2022)
ParentLarsen & Toubro (61.08%)[5]
Websitewww.mindtree.com
Founded18 August 1999 (age 27)
Defunct2022
FateMerged with Larsen & Toubro Infotech (LTI)
SuccessorLTIMindtree
Hq locationGlobal Village Tech Park
Hq location cityBangalore, Karnataka
Hq location countryIndia

Mindtree Limited was an Indian multinational information technology services and consulting company, headquartered in Bangalore. Mindtree was acquired by Larsen & Toubro in 2019, before being merged with L&T Infotech (LTI) in 2022 to form LTIMindtree.[6][7][8]

The company had business interests in e-commerce, mobile applications, cloud computing, digital transformation, data analytics, testing, enterprise application integration, and enterprise resource planning. Mindtree had more than 307 active clients and 43 offices in over 18 countries, as of 31 March 2019.[8][9]

History

In August 1999, Mindtree Consulting Private Limited was founded by ten IT professionals, three of which invested through an entity incorporated in Mauritius.[10] It was funded by the venture capital firms Walden International and Sivan Securities and received further funding in 2001 from the Capital Group and Franklin Templeton.[11]

It became a public company in December 2006, and was listed on the Bombay Stock Exchange and National Stock Exchange. Its IPO debuted in February 2007, and closed in February 2007.[12] The IPO was oversubscribed by more than a hundred times.[13]

Mindtree announced a new brand identity and logo, with the slogan "Welcome to possible" in September 2012.[14] In 2012, Mindtree set up its first U.S. delivery center (USDC) in Gainesville, Florida, under the leadership of Scott Staples, co-founder and Global Head of Sales.[15]

In 2017, the company had 43 offices in over 17 countries.[16]

Larsen & Toubro (L&T), an infrastructure major and one of the largest conglomerates in India, took over control of Mindtree in June 2019 and currently has a 61.08% stake in the company.[17][18][5] L&T's takeover of Mindtree was described at the time as the first hostile takeover in the Indian IT industry.[19][20]

In March 2020, Mindtree announced the appointment of Dayapatra Nevatia as COO with immediate effect. He joins the company from Accenture where he was the managing director as well as the director for delivery for advanced technology centers in India.[21]

In May 2022, L&T announced that Mindtree will be merged into Larsen & Toubro Infotech (LTI).[22] The merger was completed in November 2022 and the combined entity was named LTIMindtree.[23][24]

Services

Mindtree works in Application Development and Maintenance, Data Analytics, Digital Services, Enterprise Application Integration and Business Process Management, Engineering R&D, Enterprise Application Services, Testing, and Infrastructure Management Services.[25]

Mindtree's business is focused clients on Banking, Capital Markets, Consumer Devices & Electronics, Consumer Packed Goods, Independent Software Vendors, Manufacturing, Insurance, Media & Entertainment, Retail, Semiconductors and the Travel and Hospitality industry.[26]

Mindtree's workforce includes thousands of employees who serve as Microsoft Azure outsourced support agents.[27]

Employees

Mindtree has a total of 35,071 employees as of fiscal year 2022.[28] The workforce consists of employees from over 80 nationalities working from various offices around the globe. Out of total workforce, 95% are software professionals and remaining 5% work in support and sales.[29]

Acquisitions

NameAcquisition dateActivitiesCountry of HQPriceEmployees
(at acquisition)		Reference
ASAP Solutions2004SAP & ERPIndia & United StatesNA120[30]
Linc Software Services Pvt Ltd2005Application development and Maintenance domains for Mid-Range SystemsIndia$7 million220[31]
CoSystems2005Telecom (Captive Development Center – Indian division)United States₹ 10 million20[32]
TES-Purple Vision2007Electronics(IC Design). Indian Division. Subsidiary of TES Electronic Solutions SA.France$6.55 million150[33][34]
Aztecsoft2008Product engineering and Testing services company. Aztecsoft had previously acquired Disha Technologies, a testing company, in 2004.India₹ 40 million2200[35][36]
Kyocera Wireless India Pvt Ltd2009Wireless services. Indian R&D DivisionJapan$6 million600[37][38]
7Strata2010Remote infrastructure management servicesIndia₹ 7.2 million90[39][40]
Discoverture Solutions LLCJan 2015Property and Casualty InsuranceUnited States$15 million300[41]
Bluefin Solutions LimitedJuly 2015IT solutions, SAP HANA solutionsUnited Kingdom£42.3 million[42]
Relational Solutions IncJuly 2015IT solutions –CPGUnited States$10 million[42]
Magnet 360Jan 2016Salesforce consultingUSA$50 million100[43]

Subsidiaries

NameLocation
Mindtree Software (Shanghai) Co. Ltd[44]China
Bluefin Solutions LimitedUnited Kingdom
Bluefin Solutions Inc.United States
Bluefin Solutions Sdn BhdMalaysia
Bluefin Solutions Pte LtdSingapore

Philanthropy

Mindtree Foundation is a unit of Mindtree that works towards supporting the lives of people with disabilities and enhancement in the quality of primary education.[45] Mindtree Foundation was incorporated in November 2007, under section 25 of Companies Act. Mindtree's employees, assistive technologies and associations with NGOs led to the following:[46]

  • The launch of 'Udaan', a scholarship program to support the medical education of underprivileged students in association with Narayana Hrudayalaya Charitable Trust.[47]
  • The launch of 'I Got Garbage', a cloud-based platform aimed to simplify waste management and transform every waste picker in Bengaluru, India, into an entrepreneur through a structured and governed waste management framework.[48]
  • Individual Social Responsibility – Employees had joined 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.[49]

See also

References

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