Tech Mahindra

Tech Mahindra
FormerlyMahindra British Telecom (1986–2006)
Company typePublic
ISININE669C01036
IndustryInformation technology
Consulting
Outsourcing
Founded24 October 1986; 38 years ago (24 October 1986)
FounderAnand Mahindra
HeadquartersPune, Maharashtra, India
Area served
Worldwide
Key people
RevenueIncrease ₹53,847 crore (US$6.4 billion) (2025)
Increase ₹5,653 crore (US$670 million) (2025)
Increase ₹4,499 crore (US$530 million) (2025)
Total assetsIncrease ₹44,494 crore (US$5.3 billion) (2025)
Total equityIncrease ₹27,791 crore (US$3.3 billion) (2025)
Number of employees
148,731 (March 2025)[2]
ParentMahindra Group
Websitewww.techmahindra.com
Footnotes / references
Financials as of 31 March 2025.[3]

Tech Mahindra is an Indian multinational information technology services and consulting company. It was formed in 1986 as a joint venture between Mahindra & Mahindra and BT Group. Part of the Mahindra Group, the company is headquartered in Pune and has its registered office in Mumbai.[4]

History

In 1986, Mahindra & Mahindra started a 60:40 joint venture technology services outsourcing firm with British Telecom named Mahindra British Telecom (MBT). In 2000, British Telecom committed business of at least £105 million over three years; as a consideration, British Telecom's stake in MBT increased to 43%.[5] MBT primarily served the telecommunications industry in its early years, with British Telecom as its largest client.[6]

In 2006, MBT was renamed as Tech Mahindra,[7] and it became a publicly-listed company via an initial public offering.[8] In December 2010, British Telecom sold 5.5% of its stake in Tech Mahindra to Mahindra & Mahindra for ₹451 crore.[9] In August 2012, British Telecom sold 14.1% of its stake to institutional investors for about ₹1,395 crore. In December 2012, British Telecom sold its remaining 9.1% stake to institutional investors for ₹1,011.4 crore. This sale marked the exit of British Telecom from Tech Mahindra.[10]

Acquisition and merger of Satyam

In the aftermath of the Satyam scandal, Tech Mahindra emerged as the top bidder for a 31% controlling stake in Satyam Computer Services, beating a bid from Larsen & Toubro, in April 2009.[11][12] After the completion of the acquisition, Satyam Computer Services was renamed Mahindra Satyam in June 2009.[13] Tech Mahindra's stake in Satyam increased to 42% through a preferential share allotment in July 2009.[14]

A building in the Bangalore campus of Tech Mahindra c. 2017

In 2010, Mahindra Satyam and Morpho were awarded a contract by UIDAI to implement the biometric identification system for the Aadhaar programme.[15] Mahindra Satyam, along with Tech Mahindra, was the official IT services provider for the 2010 and 2014 FIFA World Cups.[16][17]

Tech Mahindra announced its merger with Mahindra Satyam on 21 March 2012, after getting approval of the two company boards.[18] The new organization would be led by Anand Mahindra as Chairman, Vineet Nayyar as Vice Chairman, and C. P. Gurnani as the CEO and Managing Director.[19][20] On 25 June 2013, Tech Mahindra completed the merger to become India's fifth largest software services company with a turnover of $2.7 billion.[21][22][23] The merger diversified Tech Mahindra's revenue mix, with the telecommunication vertical's share declining from over 90% in 2009[24] to 47% in 2013.[25][26]

Later years

In 2013, Mahindra Group company Mahindra Engineering Services (MES) merged with Tech Mahindra.[27]

In 2015, Tech Mahindra and Mahindra & Mahindra (M&M) jointly purchased a controlling stake in Pininfarina S.p.A., an Italian automotive and industrial design company.[28] By March 2016, Tech Mahindra's post-tax earnings had surpassed that of M&M.[29]

Tech Mahindra was ranked 5th among India's IT firms and overall 47th on Fortune India 500 list for 2019.[30]

In 2023, Tech Mahindra and FIDE organized the Global Chess League, an over-the-board rapid chess league.[31][32]

Acquisitions

Notable acquisitions by Tech Mahindra include:

Year Company Country Industry Acquisition cost
2005 Axes Technologies[33] United States Telecom engineering $54 million
2007 iPolicy Networks[34] United States Network security Undisclosed
2009-13 Satyam Computer Services[35] India IT services $1.75 billion
2012 Hutchinson Global Services[36] United States Business process outsourcing $87 million
2012 Comviva[37] India Telecom VAS $48 million
2014 Lightbridge Communications Corporation (LCC)[38] United States Telecom network services $240 million
2015 SOFGEN Holdings[39] Switzerland Banking technology consulting Undisclosed
2015 Pininfarina[40] Italy Automotive design engineering €168 million
2016 Target Group[41] United Kingdom Business process outsourcing £120 million
2016 The Bio Agency[42] United Kingdom Digital consulting £45 million
2017 HCI Group (CJS Solutions Group)[43] United States Healthcare technology $89.5 million
2019 BORN Group[44] United States Content agency $90 million
2020 Zen3 Infosolutions[45] United States Enterprise software $64 million
2020 Cerium Systems[46] India IC and embedded software $32.1 million
2020 Tenzing Group[47] New Zealand Management consulting $29.5 million
2021 Perigord[48] Ireland Digital services €21 million
2021 DigitalOnUs[49] United States Cloud and DevOps services $120 million
2021 Eventus Solutions Group[50] United States CX consulting $44 million
2021 Brainscale[51] United States Cloud consulting $28.8 million
2021 Lodestone (Infostar)[52] United States Product engineering $105 million
2021 Activus Connect[53] United States CX technology $62 million
2021 Allyis Group[54] United States IT consulting $125 million
2022 Com Tec Co (CTC)[55] Cyprus IT consulting €310 million
2022 Thirdware[56] India Enterprise software $42 million

Locations

Tech Mahindra has offices in around 50 countries.[57]

See also

References

  1. ^ "Tech Mahindra appoints Mohit Joshi as MD & CEO designate". 11 March 2023.
  2. ^ Nagasundaram, Dhanya (24 April 2025). "Tech Mahindra Q4 Results: Cons PAT soars 76.5% YoY to ₹1,166.7 crore". Mint. Retrieved 24 April 2025.
  3. ^ "Consolidated Financial Results for the quarter and audited results for the year ended March 31, 2025" (PDF). Tech Mahindra. Retrieved 24 April 2025.
  4. ^ "Tech Mahindra". techmahindra.com. TechMahindra. Retrieved 1 January 2018.
  5. ^ "British Telecom commits Rs 7250/- million business to MBT over three years". Rediff. Retrieved 9 September 2024.
  6. ^ "Tech Mahindra bags $700 mn deal from British Telecom". The Economic Times. 16 May 2008. Retrieved 9 September 2024.
  7. ^ "MBT to be renamed Tech Mahindra". Business Standard. 14 February 2006. Retrieved 5 September 2024.
  8. ^ "Tech Mahindra sets IPO price band at Rs 315-Rs 365". The Economic Times. 27 July 2006. Retrieved 5 September 2024.
  9. ^ "BT Group to exit from Tech Mahindra, directors resign". Economic Times. 24 December 2011. Archived from the original on 5 July 2015. Retrieved 4 July 2015.
  10. ^ "BT exits Tech Mahindra". The Hindu. 12 December 2012. Retrieved 4 July 2015.
  11. ^ "Tech Mahindra wins Satyam Computer bid". IBNLive. Archived from the original on 16 April 2009.
  12. ^ "Tech Mahindra wins Satyam bid". India Today. 12 April 2009.
  13. ^ "Satyam renamed as Mahindra Satyam". Business Standard. 22 June 2009. Retrieved 5 September 2024.
  14. ^ "Tech M now has 42% stake in Satyam". Business Standard. 2 July 2009. Retrieved 19 July 2025.
  15. ^ "Mahindra Satyam, Morpho selected as key partners for UIDAI". The Economic Times. 30 July 2010. Retrieved 19 July 2025.
  16. ^ Shuey, Scott (12 June 2010). "Mahindra Satyam gets major brand boost through World Cup". Gulf News. Retrieved 19 July 2025.
  17. ^ "TechM kicked about World Cup ties". BusinessLine. 16 June 2014. Retrieved 19 July 2025.
  18. ^ "Tech Mahindra, Satyam get nod to merge". 21 March 2012. Archived from the original on 22 March 2012.
  19. ^ "M-Satyam, Tech Mahindra hope to merge in four weeks". 11 June 2013.
  20. ^ "MSat-Tech Mahindra merger gets court nod". The Hindu. Chennai, India. 11 June 2013.
  21. ^ "Mahindra Satyam merges with Tech Mahindra; becomes 5th biggest IT firm". Archived from the original on 19 June 2015. Retrieved 2013-06-25.
  22. ^ "Tech Mahindra, Satyam Computer complete merger". 25 June 2013.
  23. ^ "1:8.5 swap for Tech Mahindra, Mahindra Satyam merger". The Hindu. Chennai, India. 25 June 2013.
  24. ^ Mishra, Santanu (28 April 2009). "Headwinds in telecom impact Tech Mahindra's Q4". The Economic Times. Retrieved 19 July 2025.
  25. ^ Talgeri, Kunal N. (5 December 2012). "Inside the merger!". Fortune India. Retrieved 19 July 2025.
  26. ^ "Annual Report 2013-14" (PDF). Tech Mahindra. 27 June 2014. Retrieved 19 July 2025.
  27. ^ Khan, Zahra (29 November 2013). "Mahindra Engineering to merge with Tech Mahindra". Mint. Retrieved 19 July 2025.
  28. ^ "Tech Mahindra set to acquire Italian car design company Pininfarina". timesofindia-economictimes. Archived from the original on 23 December 2015. Retrieved 22 December 2015.
  29. ^ "TECHM Shareholding Pattern - Tech Mahindra Ltd Stock". fintel.io. Retrieved 28 June 2020.
  30. ^ "Tech Mahindra - Fortune 500 List 2019". Fortune. Archived 2 March 2022 at the Wayback Machine
  31. ^ "FIDE and Tech Mahindra Announce Dates for First & Biggest Global Chess League". www.fide.com. Retrieved 6 August 2023.
  32. ^ "Tech Mahindra, FIDE join hands for franchisee-based chess competition". Business Standard.
  33. ^ "Mahindra British buys Axes Tech for $54m". The Economic Times. 17 November 2005. Retrieved 9 September 2024.
  34. ^ "Tech Mahindra buys US co iPolicy Inc". Rediff. Retrieved 9 September 2024.
  35. ^ "Tech Mahindra completes Satyam merger". VCCircle. Retrieved 9 September 2024.
  36. ^ Shivapriya, N. (4 September 2012). "Tech Mahindra announces acquisition Hutchison Global Services for $ 87 million". The Economic Times. Retrieved 5 September 2024.
  37. ^ "Tech Mahindra buys 51% of Bharti Group's mobile VAS firm Comviva for $48M". VCCircle. Retrieved 5 September 2024.
  38. ^ "Tech Mahindra acquires 100% stake in Lightbridge Communications". Mint. Retrieved 5 September 2024.
  39. ^ "Tech Mahindra to acquire Swiss firm SOFGEN Holdings". timesofindia-economictimes. Archived from the original on 14 January 2015. Retrieved 15 January 2015.
  40. ^ Merchant, Akbar (14 December 2015). "Mahindra acquires Pininfarina design house". Autocar India. Retrieved 5 September 2024.
  41. ^ "Tech Mahindra to acquire UK's Target Group for up to $175 mn". VCCircle. Retrieved 5 September 2024.
  42. ^ "Tech Mahindra acquires UK's The BIO Agency". BusinessLine. 22 June 2016. Retrieved 11 April 2025.
  43. ^ Usmani, Azman (6 March 2017). "Tech Mahindra To Acquire U.S.-Based Healthcare IT Consulting Firm, HCI Group". NDTV Profit. Retrieved 5 September 2024.
  44. ^ Sriram, M. (5 November 2019). "Tech Mahindra acquires New York-based BORN Group for $95 million". Mint. Retrieved 26 November 2019.
  45. ^ "Tech Mahindra to acquire Zen3 Infosolutions for Rs 460 crore in all-cash deal". Business Today. 24 February 2020. Retrieved 5 September 2024.
  46. ^ Kapur, Narinder (13 April 2020). "Tech Mahindra tweaks terms to acquire Cerium Systems, Zen3 Infosolutions". VCCircle. Retrieved 19 July 2025.
  47. ^ Baruah, Ayushman (27 October 2020). "Tech Mahindra acquires Momenton and Tenzing to boost financial services biz". Mint. Retrieved 11 April 2025.
  48. ^ "Tech Mahindra acquires 70% stake in Dublin-based Perigord for $25.06 million". Financial Express. 16 March 2021. Retrieved 11 April 2025.
  49. ^ "Tech Mahindra acquires DigitalOnUS for $120 million". BusinessLine. 20 April 2021. Retrieved 5 September 2024.
  50. ^ "Tech Mahindra to acquire Eventus Solutions Group for up to $44 million". The Economic Times. 26 April 2021. Retrieved 5 September 2024.
  51. ^ "Tech Mahindra acquires US cloud consulting firm Brainscale". Business Standard. Retrieved 5 September 2024.
  52. ^ "Tech Mahindra acquires Lodestone, WMW". The Economic Times. 25 October 2021. Retrieved 5 September 2024.
  53. ^ "Tech Mahindra buys Activus". Mint. Retrieved 5 September 2024.
  54. ^ "Tech Mahindra to acquire 100% stake in US-based Allyis Group". Mint. Retrieved 5 September 2024.
  55. ^ "Tech Mahindra Acquires Com Tec Co IT Ltd and invests in two InsurTech platforms". The Economic Times. 17 January 2022. Retrieved 5 September 2024.
  56. ^ "Tech Mahindra to completely acquire Thirdware for Rs 320 cr". Business Standard. Retrieved 5 September 2024.
  57. ^ "Tech Mahindra > Location Details". Retrieved 1 October 2012.
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