Tech Mahindra is an Indian multinational company that provides information technology (IT) and business process outsourcing (BPO) services. A subsidiary of the Mahindra Group, the company is headquartered in Pune and has its registered office in Mumbai.
|Industry||IT services, IT consulting|
|Founded||24 October 1986|
|Headquarters||Pune, Maharashtra, India|
|Revenue||₹38,642 crore (US$5.4 billion) (2021)|
|₹6,126 crore (US$860 million) (2021)|
|₹4,353 crore (US$610 million) (2021)|
|Total assets||₹39,678 crore (US$5.6 billion) (2021)|
|Total equity||₹24,428 crore (US$3.4 billion) (2021)|
Number of employees
|Footnotes / references|
As of April 2020, Tech Mahindra is a US$5.2 billion company with 125,236 employees across 90 countries. The company was ranked #5 in India's IT firms and overall #47 in Fortune India 500 list for 2019. On 25 June 2013, Tech Mahindra announced the completion of a merger with Mahindra Satyam. Tech Mahindra has 973 active clients as of April 2020.
Mahindra & Mahindra started 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 crores. 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 percent 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."
Merger with Mahindra Satyam
Tech Mahindra announced its merger with Mahindra Satyam on March 21, 2012, after the boards of the two companies gave their approval, to create a 2.5 billion $ IT Company The two firms had received the go-ahead for the 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 the Bombay high court had already given its approval. Vineet Nayyar said that technical approvals from the Registrar of Companies in Andhra Pradesh and Maharashtra are required which will be done in two to four weeks, and within eight weeks, the new merged entity would be in place. The new organisation would be 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 the completion of its merger with Mahindra Satyam to create the nation's fifth largest software services company with a turnover of US$2.7 billion. Tech Mahindra got the approval from the registrar of companies for the merger 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. Mahindra Satyam (Satyam Computer Services), was suspended from trading with effect from July 4, 2013, following the merger. 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.
In 2014, Tech Mahindra acquired Lightbridge Communications Corporation (LCC), the largest independent telecom services company in the world with local presence in over 50 countries. In 2015, Tech Mahindra acquired SOFGEN Holdings, a 450-employee Swiss IT firm serving the financial services industry Tech Mahindra purchased a controlling stake in Pininfarina S.p.A., an Italian brand in automotive and industrial design Tech Mahindra announced the launch of its Automation Framework AQT (Automation, Quality, Time) By March 2016, Tech Mahindra's post-tax earnings had surged past that of M&M. 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. In 2017, Tech Mahindra and Midad Holdings, a part of diversified business conglomerate Al Fozan Group today announced the launch of a joint venture, Tech Mahindra Arabia Ltd. On the basis of a global partnership agreement signed, Tech Mahindra will market Huawei's enterprise products and services across 44 countries including India. Tech Mahindra announced that it has signed a definitive agreement to acquire CJS Solutions Group LLC, a US-based healthcare Information Technology consulting company which does business as (DBA) “The HCI Group.” In 2019, Tech Mahindra acquired DynaCommerce BV. Tech Mahindra, during September 2019, has acquired BORN Group, a New York City based digital content and production agency, for $95 million in an all-cash deal.
In March 2021, Tech Mahindra partnered with US-based business intelligence analytics company ThoughtSpot. In April 2021, Tech Mahindra acquired US-based DigitalOnUs, a hybrid cloud and DevOps services provider for $120 million.
Tech Mahindra offices
- India: Bangalore, Bhubaneswar, Chandigarh, Chennai, Gandhinagar, Gurgaon, Hyderabad, Kolkata, Mumbai, Mysore, Noida, Nagpur, Pune, Visakhapatnam and Warangal
- Asia Pacific: China, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam
- North America and South America: Argentina, Brazil, Canada, Bolivia, Colombia, Costa Rica, Ecuador, Guatemala, Mexico, Panama, Peru, and United States of America
- Australia: Australia and New Zealand
- Europe: Austria, Belgium, Bulgaria, Czech Republic, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Luxembourg, Netherlands, Norway, Romania, Spain, Sweden, Switzerland and United Kingdom
- Africa: Chad, Republic of the Congo, Democratic Republic of the Congo, Gabon, Ghana, Kenya, Malawi, Nigeria, Rwanda, South Africa, Egypt , Uganda and Zambia
- Middle East: Bahrain, Israel, Oman, Qatar, Saudi Arabia, Turkey and United Arab Emirates
- Tech Mahindra Campus, HITEC City, Hyderabad
- Tech Mahindra Technology Center at Bahadurpally, Hyderabad
- Tech Mahindra Development Center, Hyderabad
- Tech Mahindra, Hyderabad
- Tech Mahindra Development Centre, Visakhapatnam
- List of IT consulting firms
- List of Indian IT companies
- Fortune India 500
- Software industry in Telangana
- Mahindra & Mahindra
- Mahindra Group
- Kellton Tech
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