Mindtree

MindtreeFile:Mindtree new logo.jpg

Type| Public

Traded as

| BSE: 532819; NSE: MINDTREE
Industry| IT services, IT consulting
Founded| 18 August 1999
Founder| Subroto Bagchi
Ashok Soota
Namakal Parthasarathy
Krishnakumar Natarajan Scott Staples
Headquarters|

Bengaluru

India

Area served

| Worldwide

Key people

| Subroto Bagchi (Non-executive director)
Krishnakumar Natarajan (Chairman)[1]
Rostow Ravanan (CEO)[2]
Services| IT, business consulting and outsourcing services
Revenue| US$846.8 Million (FY 2017–18)[3]

Operating income

| US$107 Million (FY 2015–16)[4]

Net income

| US$62 Million (FY 2016–17)[5]

Number of employees

| 19,000 (FY 2017–18)[6]
Website| www.mindtree.com

Mindtree Limited is a multinational information technology and outsourcing company headquartered in Bengaluru, India and New Jersey, USA. Founded in 1999, the company employs approximately 19,000 employees with annual revenue of $846 million.[7][8] The company deals in e-commerce, mobile applications, cloud computing, digital transformation, data analytics, enterprise application integration and enterprise resource planning, with more than 339 active clients and 43 offices in over 17 countries, as of 31 July 2018.[9] Its largest operations are in India and major markets are United States and Europe.

## Contents

* 1 History
* 2 Services
* 3 Employees
* 4 Acquisitions
* 5 Subsidiaries
* 6 Philanthropy
* 7 Awards and recognition
* 8 See also
* 9 References

## 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.[10] It was funded by the venture capital firms Walden International and Sivan Securities, and later in 2001 from the Capital Group and Franklin Templeton.[11] 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.[12] The IPO was oversubscribed more than 100 times.[13] Mindtree announced a new brand identity and logo, with the slogan "Welcome to possible" on September 28, 2012.[14]

As of 2017, the company had 43 offices in over 17 countries.[15] In 2012, 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, has locations in Bengaluru, India[17] and Warren, New Jersey, USA.[18]

## Services

Mindtree Chennai at Ramanujan IT City Sez

The company 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.[19]

Mindtree provides various research and development services including Bluetooth Solutions, Digital Video Surveillance, an integrated test methodology called MindTest, an IT infrastructure management and service platform called MWatch, the application management service, Atlas, SAP Insurance and OmniChannel.

Mindtree’s business is structured around clients in verticals such as Banking, Capital Markets, Consumer Devices & Electronics, Consumer Packed Goods, Independent Software Vendors, Manufacturing, Insurance, Media & Entertainment, Retail, Semiconductors and the Travel and Hospitality industry.[20]

## Employees

Mindtree has a total of 19,000 employees as of August 2018, of which 30% were women. Its workforce consists of employees representing 55 nationalities working from various offices across the globe. Out of its total workforce, 93% are software professionals and remaining 7% work for support and sales.[8]

## Acquisitions

Name  | Acquisition date  | Activities  | Country of HQ  | Price  | Employees
(at acquisition)  | Reference

|
|
|
|
|
|

ASAP Solutions  | 2004  | SAP & ERP  | India & United States  | NA  | 120  | [21]
Linc Software Services Pvt Ltd  | 2005  | Application development and Maintenance domains for Mid-Range Systems  | India  | $7 million  | 220  | [22]
CoSystems  | 2005  | Telecom (Captive Development Center – Indian division)  | United States  | ₹ 10 million  | 20  | [23]
TES-Purple Vision  | 2007  | Electronics(IC Design). Indian Division. Subsidiary of TES Electronic Solutions SA.  | France  | $6.55 million  | 150  | [24][25]
Aztecsoft  | 2008  | Product engineering and Testing services company. Aztecsoft had previously acquired Disha Technologies, a testing company, in 2004.  | India  | ₹ 40 million  | 2200  | [26][27]
Kyocera Wireless India Pvt Ltd  | 2009  | Wireless services. Indian R&D Division  | Japan  | $6 million  | 600  | [28][29]
7Strata  | 2010  | Remote infrastructure management services  | India  | ₹ 7.2 million  | 90  | [30][31]
Discoverture Solutions LLC  | Jan 2015  | Property and Casualty Insurance  | United States  | $15 million  | 300  | [32]
Bluefin Solutions Limited  | July 2015  | IT solutions, SAP HANA solutions  | United Kingdom  | £42.3 million  |  | [33]
Relational Solutions Inc  | July 2015  | IT solutions — CPG  | United States  | $10 million  |  | [33]
Magnet 360  | Jan 2016  | Salesforce consulting  | USA  | $50 million  | 100  | [34]

## Subsidiaries

Name | Location

|

Mindtree Software (Shanghai) Co. Ltd[35] | People's Republic of China
Bluefin Solutions Limited  | United Kingdom
Bluefin Solutions Inc.  | United States
Bluefin Solutions Sdn Bhd  | Malaysia
Bluefin Solutions Pte Ltd  | Singapore

## 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.[35] 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:[36]

* Launched 'Udaan' ,a scholarship program to support the medical education of underprivileged students in association with Narayana Hrudayalaya Charitable Trust.[37]
* 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.[38]
* 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.[39]

## Awards and recognition

* Mindtree has won the ‘2016 New Jersey Corporate Culture Award’ by Smart CEO’s for its successful cultural practices.[40]
* Mindtree has been ranked in the NASSCOM Top 20 IT-BPM Employers in India FY2016 list.[41]
* Mindtree recognized as a Leader in IAOP’s 2016 Global Outsourcing 100 for global excellence.[42]
* 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.[43]
* 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.

## See also

* List of IT consulting firms
* Fortune India 500
* List of Indian IT companies
* Software industry in Telangana

## References

1. ↑ "Mindtree Leadership". http://timesofindia.indiatimes.com/tech/tech-news/Mindtree-appoints-Ravanan-as-CEO-Natarajan-as-executive-chairman/articleshow/50626215.cms.
2. ↑ "Rostow Ravanan - CEO, Managing Director Mindtree". https://www.mindtree.com/about/leadership/rostow-ravanan.
3. ↑ "Mindtree Revenue". https://www.mindtree.com/sites/default/files/2018-04/Mindtree Q4 FY2018 Earnings Release - Final.pdf.
4. ↑ "mindtree Operating Income". http://www.mindtree.com/sites/default/files/earnings-release-including-fact-sheet-q4fy16.pdf.
5. ↑ "Mindtree profit". https://www.mindtree.com/sites/default/files/mindtree-q4-fy2017-earnings-release-final.pdf.
6. ↑ "Employee Metrics". TheHindu. https://www.thehindubusinessline.com/info-tech/mindtree-profit-rises-36/article23590043.ece.
7. ↑ "Q4 beats estimates; revenues grew 11.2% QoQ". https://www.mindtree.com/about-us/news/press-releases/mindtree-reports-constant-currency-revenue-growth-of-11-2-percent-in-fy17-recommends-final-dividend.
8. ↑ 8.0 8.1 "Employee Metrics". https://www.mindtree.com/sites/default/files/2018-04/Mindtree Q4 FY2018 Earnings Release - Final.pdf.
9. ↑ "Mindtree Blog". https://www.mindtree.com/news/mindtree-reports-third-quarter-2017-18-results-usd-terms-net-profit-rises-138-q-o-q441-y-o-y.
10. ↑ "History of Incorporation". Economic Times. http://economictimes.indiatimes.com/mindtree-ltd/infocompanyhistory/companyid-15673.cms.
11. ↑ "Mindtree history – Funding". http://economictimes.indiatimes.com/mindtree-ltd/infocompanyhistory/companyid-15673.cms.
12. ↑ "MindTree Consulting IPO to open on Feb 9". The Economic Times. 6 February 2007. http://articles.economictimes.indiatimes.com/2007-02-06/news/28454400_1_equity-shares-net-issue-retail-investors.
13. ↑ "MindTree IPO subscribed 103 times". http://www.business-standard.com/article/companies/mindtree-ipo-subscribed-103-times-107021601064_1.html.
14. ↑ "MindTree Logo". http://articles.economictimes.indiatimes.com/2012-09-28/news/34148266_1_new-logo-ashok-soota-mindtree.
15. ↑ "Mindtree Fact Sheet". https://www.mindtree.com/sites/default/files/mindtree-fact-sheet-web.pdf.
16. ↑ "Mindtree’s first U.S. delivery center". http://www.flgov.com/2012/11/13/governor-rick-scott-attends-grand-opening-of-mindtree-limiteds-first-u-s-delivery-center/.
17. ↑ "Mindtree's Digital Pumpkin". http://jugaadtoinnovation.blogspot.in/2014/03/a-recent-visit-to-mindtree-with-group.html.
18. ↑ "Mindtree Opens U.S.-based 'Digital Pumpkin'" (in en). https://www.prnewswire.com/news-releases/mindtree-opens-us-based-digital-pumpkin-643942463.html.
19. ↑ "Mindtree’s Services". http://profit.ndtv.com/stock/mindtree-ltd_mindtree/reports/.
20. ↑ "Mindtree’s client focus". http://profit.ndtv.com/stock/mindtree-ltd_mindtree/reports.
21. ↑ "Mindtree acquires ASAP Solutions". http://www.rediff.com/money/report/mind/20041007.htm.
22. ↑ "Mindtree acquires Linc Software Services Pvt Ltd". http://www.thehindubusinessline.com/todays-paper/tp-info-tech/article2176803.ece.
23. ↑ "Mindtree acquires Indian Division of CoSystems". http://www.business-standard.com/article/companies/mindtree-likely-to-report-55-million-for-fy05-105030301035_1.html.
24. ↑ "Mindtree acquires TES-Purple Vision". http://in.reuters.com/article/2007/11/14/tespv-mindtree-buyout-idINBMB00405320071114.
25. ↑ "Mindtree acquires TES-Purple Vision". http://articles.economictimes.indiatimes.com/2007-11-14/news/28450444_1_design-services-tes-electronic-solutions-sa-networking-and-telecom-systems.
26. ↑ "Mindtree acquires Aztecsoft". http://articles.economictimes.indiatimes.com/2008-07-29/news/27697065_1_aztecsoft-shares-managing-director-ashok-soota-executive-officer-krishnakumar-natarajan.
27. ↑ "Mindtree acquires Aztecsoft". http://www.business-standard.com/article/technology/mindtree-set-to-buy-aztecsoft-for-rs-400-cr-108050201002_1.html.
28. ↑ "Mindtree acquires Kyocera Wireless India Pvt Ltd". http://articles.economictimes.indiatimes.com/2012-12-27/news/36022189_1_ashok-soota-mindtree-subroto-bagchi.
29. ↑ "Mindtree acquires Kyocera Wireless India Pvt Ltd". http://www.dnaindia.com/money/report-mindtree-loses-kyocera-contract-worth-25-millionquarter-1520805.
30. ↑ "Mindtree acquires 7Strata". http://www.livemint.com/Companies/PaeefeE4jfDi53TvB2ffSO/MindTree-to-acquire-7Strata-for-Rs72-cr.html.
31. ↑ "Mindtree acquires 7Strata". http://dnasyndication.com/dna/article/DNBAN23802.
32. ↑ "Mindtree acquires Discoverture Solutions". http://economictimes.indiatimes.com/tech/ites/mindtree-to-buy-us-firm-discoverture-solutions-for-15-million/articleshow/45942743.cms.
33. ↑ 33.0 33.1 Chandran, Pradeesh (2015-07-16). "Mindtree acquires UK, US based firms for Rs. 482 crore" (in en). The Hindu. ISSN 0971-751X. http://www.thehindu.com/business/mindtree-acquires-uk-us-based-firms-for-rs-482-crore/article7429809.ece.
34. ↑ "Mindtree to buy Magnet 360 for $50 mn- Business News". http://www.businesstoday.in/current/corporate/mindtree-to-buy-magnet-360-for-50-mn-dollars/story/228288.html.
35. ↑ "Mindtree Foundation". http://economictimes.indiatimes.com/mindtree-ltd/directorsreport/companyid-15673.cms.
36. ↑ "Mindtree Foundation contribution". http://economictimes.indiatimes.com/mindtree-ltd/directorsreport/companyid-15673.cms.
37. ↑ "Udaan". http://www.thehindubusinessline.com/news/states/mindtree-trust-launch-udaan/article6691146.ece.
38. ↑ "I Got Garbage". http://www.business-standard.com/article/news-cm/mindtree-launches-i-got-garbage-cloud-based-technology-platform-114061700419_1.html.
39. ↑ "Mindtree ISR". http://timesofindia.indiatimes.com/business/india-business/Mindtrees-socially-conscious-staff-pick-crusaders-for-good-causes/articleshow/41832867.cms.
40. ↑ "2016 New Jersey Corporate Culture Award by Smart CEO". http://www.smartceo.com/2016-new-jersey-corporate-culture-awards-mindtree-limited/.
41. ↑ "Mindtree has been ranked in the NASSCOM Top 20 IT-BPM Employers in India FY2016 list". http://economictimes.indiatimes.com/industry/tech/ites/nasscom-ranks-tcs-top-employer-in-it-industry/articleshow/53378274.cms.
42. ↑ "Mindtree recognized as a Leader in IAOP’s 2016 Global Outsourcing 100 for global excellence". https://www.iaop.org/Content/19/165/4454.
43. ↑ "Mindtree Ranked #1 by Euromoney in the ‘Best Managed Company for 2013’ under Two Award Categories". http://in.reuters.com/article/2014/03/06/nj-mindtree-idUSnBw065678a+100+BSW20140306.

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