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Tech Mahindra history
Tech Mahindra company history timeline
Mahindra & Mahindra started a joint venture with British Telecom in 1986 as a technology outsourcing firm.
By 2005, Mahindra-BT was the eighth largest software exporter in India.
After the Satyam scandal of 2008-09 Tech Mahindra bid for Satyam Computer Services, and emerged as a top bidder with an offer of INR 58.90 a share for a 31 percent stake in the company, beating a strong rival Larsen & Toubro.
The acquisition of Satyam Computers in 2009 made Tech Mahindra became a player in the Indian IT industry.
In December 2010, British Telecom sold 5.5 per cent of its stake in Tech Mahindra to Mahindra & Mahindra for Rs 451 crore.
The company hit new ground in 2010 when it became the official IT partner and sponsor for the 2010 FIFA world cup.
In August 2012, British Telecom sold 14.1 per cent of its stake to institutional investors for about Rs 1,395 crore.
Tech Mahindra was ranked #5 in India's software services (IT) firms and overall #111 in Fortune India 500 list for 2012.
It has 15 overseas offices for BPO (business process outsourcing) operations and software development. Its revenue for 2012-13 was put at $2.7 billion (Rs.
Tech Mahindra posted net profit of INR 686 crore for the first quarter ended June 30, 2013, up 27% compared to the corresponding quarter the previous year.
The stock exchanges have accorded their approval for trading the new shares with effect from July 12, 2013 onwards.
Tech Mahindra grew over 14% in the second quarter of 2014.
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 2017, Tech Mahindra and Midad Holdings, a part of diversified business conglomerate Al Fozan Group announced the launch of a joint venture, Tech Mahindra Arabia Ltd.
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.
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Tech Mahindra competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| iGATE Global Solutions | 1978 | $5.0M | 35 | - |
| HCL Technologies | 1976 | $10.0B | 197,777 | 318 |
| Infosys Public Service | 2009 | $18.6B | 2,000 | 1,398 |
| UST Global | 1998 | $4.3B | 30,000 | - |
| Hexaware Technologies | 1990 | $677.7M | 16,205 | 81 |
| Atos | 1988 | $923.8M | 104,430 | 58 |
| Polaris Software Lab India Limited | - | $78.0M | 300 | 1 |
| Capgemini | - | $14.3B | 340,700 | 1,578 |
| V-Soft Consulting | 1997 | $120.1M | 190 | - |
| KPIT Technologies | 1996 | $567.6M | 10,050 | - |
Tech Mahindra history FAQs
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